A Manhattan asteroid strike would cost over $1 trillion, said the risk modeller

Risk Management Solutions (RMS) has calculated the possible effect of a large comet or asteroid exploding over a densely populated area like New York City. A catastrophe on this scale, while extremely unlikely, would cost in excess of $1 trillion, said the risk modeller.

A similar magnitude event last occurred in 1908, but it struck over the Tunguska River, a remote area in Central Siberia.

RMS commented: “While the probability of a catastrophe like this is extremely low, having a well-distributed portfolio rather than one concentrated in a single city reduces the likelihood of ruin from such an extreme event.”