Tuesday, December 27, 2005

Insured losses from Hurricanes Katrina, Rita, and Wilma estimated at almost $ 60 billion

Planet Ark reported today that Advisen Ltd. estimates worldwide insurance and reinsurance losses related to the three major hurricanes that hit the United States this year to be $57.6 billion, making the cumulative catastrophe losses the largest on record. Including unreported/unfiled losses,
Advisen projects pre-tax insured losses per hurricane to be $40.4 billion for Katrina, $6.4 billion for Rita, and $10.8 billion for Wilma. The losses amount to more than twice the annual total for other US natural disasters and one-and-a-half times the losses from the 2001 terrorist attacks in New York and Washington.  Several variables could prompt Advisen's estimates to increase dramatically, the company warned. Flood losses could elevate Advisen's estimates by billions of dollars if lawsuits to force insurers to cover flood damage related to Hurricane Katrina are successful. Also, hurricane-related pollution lawsuits could add hundreds of millions to Advisen's totals.

http://lawprofessors.typepad.com/environmental_law/2005/12/insured_losses_.html

Economics, North America, US | Permalink

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