Transforming Banks for a Digital Future: The Winners, The Losers, and the Strategies to Beat the Odds
Conclusion 01: Widespread Impact of Sept. 11
While only lower Manhattan and the Pentagon came under direct attack a year ago, the events of last September have had a powerful and widespread impact on U.S. business. Aside from the thousands of victims, two thirds of companies saw their business undergo some sort of disruption. Many companies suffered a considerable financial hit in the form of lost income and increased insurance premiums.
A substantial percentage of companies were directly touched by the events of Sept. 11. Twenty-two percent had customers or business partners at the World Trade Center or the Pentagon, and 11% of larger companies had an office in the vicinity. About a third of all companies said their business continuity was definitely affected. Nearly four in 10 respondents reported a significant financial impact from Sept. 11, and that figure rises to two thirds of respondents if "somewhat affected" is included. Affected companies with more than 1,000 employees lost a median of 10% of annual revenues directly because of the attacks; for smaller companies, the figure is 14%. More than three quarters of all respondents saw their property insurance premiums rise due to Sept. 11, and seven in 10 reported increased costs for casualty insurance.
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