Hurricane Katrina insurance claims could top $26bn

The US property and casualty insurance industry, hit hard last year when four separate hurricanes slammed into Florida, now faces as much as €26bn in claims from Hurricane Katrina’s foray into Louisiana and neighbouring Gulf Coast states, according to preliminary risk assessments.

The US property and casualty insurance industry, hit hard last year when four separate hurricanes slammed into Florida, now faces as much as $26bn (€16bn) in claims from Hurricane Katrina’s foray into Louisiana and neighbouring Gulf Coast states, according to preliminary risk assessments.

AIR Worldwide, a risk modelling firm based in Boston, said late yesterday that insured losses could range from €12bn (€7.4bn) to €26bn (16bn).