Lloyd's of London said its provisional estimate of the market's net loss from Hurricane Katrina is ?1.4 billion–amounting to $2.55 billion.
Lloyd's said the financial impact of the storm was consistent with the "Realistic Disaster Scenarios" it has developed to ensure the market can withstand major catastrophes. One of these models includes the market's exposure to a Gulf of Mexico windstorm.
Lloyd's said the estimated Katrina loss is comparable with the impact of the four U.S windstorms in 2004, which resulted in a net loss to the market of ?1.3 billion ($2.37 billion).
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
