The report should include the gross loss incurred as a result of the event, but not the settlement payment received from the insurance company.

The reported loss should include an estimate of the opportunity costs of banking business lost at the affected branches.

The reported loss should include the legal costs paid to obtain construction permits to rebuild the destroyed branch buildings.

The losses should be reported as a market risk event rather than an operational risk event because they resulted in a reduction of the value of the bank's real estate portfolio.