Search
 

Guy Carpenter Summarizes Hurricane Katrina

Hurricane Katrina made its second US landfall on August 29th in southern Plaquemines parish, Louisiana, about 70 miles south-southeast of New Orleans. The storm subsequently swept across

By Staff Writer | Updated on September 01, 2005

Hurricane Katrina made its second US landfall on August 29th in southern Plaquemines parish, Louisiana, about 70 miles south-southeast of New Orleans. The storm subsequently swept across Mississippi, Alabama and western Florida. Katrina was a category 4 storm at landfall with sustained winds of 140 miles per hour. The storm weakened slightly on its approach to land and was downgraded from category 5 to category 4.

The insurance industry faces as much as $25 billion in claims from Katrina, according to preliminary assessments. AIR Worldwide Corporation said that insured losses could total $12 billion to $26 billion. Eqecat said damage could range from $9 billion to $16 billion while Risk Management Solutions (RMS) estimated an insured loss at between $10 billion to $25 billion. The Insurance Information Institute (III), meanwhile, predicts the insurance industry payout could range from $12 billion to $25 billion.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 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.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.