Katrina may have a costly impact on insurance.

Publication: The Miami Herald (Miami, Florida) (via Knight-Ridder/Tribune Business News)

Bookmark this article Print this article Link to this article Email this article Digg It! Add to del.icio.us RSS

COPYRIGHT 2005 The Miami Herald

Byline: Beatrice E. Garcia

Aug. 30--Hurricane Katrina could be one of the costliest storms insurers have ever faced, possibly surpassing the record $26.5 billion in losses racked up by Hurricane Andrew in 1992.

Initial loss estimates from the devastation wracked by Katrina as it slammed into the Louisiana and Mississippi coasts on Monday ranged from $9 billion to $30 billion.

Losses in Florida from Katrina remain pegged at $600 million to $2 billion, according to various insurance risk models.

These costly storms could have a direct impact on insurance rates if reinsurance --...

Read the full article for free courtesy of your local library.