WASHINGTON--A major terrorist attack on New York City couldcause an insured loss exceeding $700 billion that would crushcommercial 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 fora federal framework to help carriers provide coverage for terrorismrisk.
Their analysis of what is needed to sustain a terrorism riskinsurance market is among the industry testimony submitted to thePresident's Working Group on Financial Markets, which is studyingthe terrorism insurance issue.
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