Thursday February 20, 2020

Katrina expected to cost US $100 billion

The cost of the economic loss caused by last week's Hurricane Katrina is expected to exceed$100 billion, making it the most devastating natural disaster in US history.

3rd September, 2005

Insurance losses alone are expected to top$50 billion, with estimates that each day of lost business is costing the US economy$100 million.

The Insurance Information Institute in New York has predicted that up to 45 per cent of claims will hit commercial insurers such as Lloyds, which alone could be facing a payout of$1 billion.

Tom Larsen, of California-based risk modelling specialist Eqecat, told The Sunday Business Post that the total cost could “easily exceed'‘ last...

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