WASHINGTON--A major terrorist attack on New York City could cause an insured loss exceeding $700 billion that would crush commercial insurers, according to an actuaries study.
That estimate was produced by the American Academy of Actuaries, which added its voice to the insurance industry chorus calling for a federal framework to help carriers provide coverage for terrorism risk.
Their analysis of what is needed to sustain a terrorism risk insurance market is among the industry testimony submitted to the President's Working Group on Financial Markets, which is studying the terrorism insurance issue.
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