American Financial Group Inc.'s losses from the terrorist attack in New York Sept. 11 was less than $20 million, the insurer said Wednesday. Most of that is from excess liability and workers' compensation policies, and not from property exposure, AFG said.

        Overall, claims to the insurance industry could reach as high as $40 billion, industry analysts have said.

        The company also owns several pieces of real estate in Manhattan, including the Grand Central Terminal. But all are farther north than the World Trade Center, and not affected by the terrorist attack, officials said.
       

GE looks at some declines

        General Electric Co. chief executive Jeffrey Immelt is contending with possible declines at about a quarter of the company's 20 businesses, including insurance, broadcasting and aircraft engines, and will discuss the company's prospects Friday.

        The shares of the largest company by market value have fallen by almost $7 to $32.50 this week, on concern the economy might lapse into recession. The company, which was already seeing a slowdown at its plastics and appliances units, might be hurt on new fronts such as aircraft leasing after last week's terrorist attacks. GE Aircraft Engines is based in Evendale, and Mr. Immelt is a Finneytown native.

        The company's reinsurance unit provided coverage on the World Trade Center and the four hijacked jetliners that crashed. General Electric estimated that $400 million in losses at the business would cut profit by about 4 cents a share.

        Mr. Immelt didn't say whether more losses are possible.

        “We are providing the best estimates we can make at this time,” he said in a statement.

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