Claims News Service, April 3, 4:21 p.m. EST — The American Academy of Actuaries recently disclosed that a future large terrorist attack in New York City could result in $778 billion in insured losses.

The group spoke, according to a recent release, at the National Association of Insurance Commissioners' public hearing on “Terrorism Insurance Matters,” where it provided scenarios of property/casualty and group life insurance losses as a result of various types of terrorist attacks. Among the potential insured loss situations estimated were from a conventional truck bomb terrorist attack as well as medium and large chemical, nuclear, biological, or radiological (CNBR) events caused by terrorism.

According to the actuaries' models, a truck bomb attack in New York City could cost $11.8 billion and a medium CNBR terrorist attack could cost $446.5 billion. In Washington, D.C., a truck bomb attack could cost $5.5 billion, a medium CNBR event could cost $106.2 billion, and a large CNBR could cost $196.8 billion. In San Francisco the costs for those events were estimated to be $8.8 billion, $92.2 billion, and $171.2 billion, respectively, while in Des Moines, Iowa, the costs could be $3 billion, $27.3 billion, and $42.3 billion.

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