The World Trade Center bombing in New York City in February 1993 had caused bankruptcy in 40 % of the affected companies within two years of the attack , according to a report from analysts IDC . As a result of the Baltic Exchange and Bishopsgate bomb attacks , City-based companies were well-prepared to deal with the aftermath of the September 11 attacks in 2001 , with a spokesman for the Corporation of London stating : " After the IRA bombs , firms redoubled their disaster recovery plans and the City recovered remarkably quickly . It has left the City pretty well-prepared for this sort of thing now . " The initial estimate of £ 1 billion worth of damage was later downgraded , and the total cost of reconstruction was £ 350 million . The subsequent payouts by insurance companies resulted in them suffering heavy losses causing a crisis in the industry , including the near-collapse of the Lloyd 's of London market . A government-backed insurance scheme , Pool Re , was subsequently introduced in Britain , with the government acting as a " re-insurer of last resort " for losses over £ 75 million
World Trade Center bombing
1993 World Trade Center bombing
1993 Bishopsgate bombing