Risk.net

Hurricane Katrina blows up a storm for insurers

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A month after Hurricane Katrina's devastating impact on the US Gulf Coast, rating agency Standard & Poor's has claimed that this event could become the costliest ever to hit the global insurance industry. Insurers assessing their losses from Katrina say that damages could be worse than previously expected, as estimates for total insured losses from Katrina range from $25 billion to $60 billion.

"Even the low side of loss estimates place it at almost twice the cost of the September 11 attacks