Actuaries Estimate Cost Of Terrorist Attacks On Cities; N.Y. At $778 Billion; D.C. At $196.8 Billion

The American Academy of Actuaries disclosed that a future large terrorist attack in New York City could result in $778 billion in insured losses. Speaking at the National Association of Insurance Commissioners public hearing on "Terrorism Insurance Matters," Michael McCarter, chairperson of the Academy Terrorism Risk Insurance Subgroup, provided potential property and casualty, and group life insurance losses as a result of various types of terrorist attacks.