Hurricanes Katrina and Rita will cause premium increases for reinsurance that could be equal to those insurers saw after 9-11, but it remains too early to tell how high they will go, a rating agency analyst said.
That forecast came from Damien Margarelli during a conference call held today by Standard & Poor's concerning the ramifications of Hurricanes Katrina and Rita on the insurance industry.
In response to a question on premium increases, Mr. Margarelli said that while it is too early to say for certain how much the increase will be, past historical events could be an indicator.
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