A Munich Re spokesman told news organizations on Tuesday that the world’s largest reinsurer’s preliminary estimates of insured losses from Hurricane Katrina would be in the $15 to $20 billion range.
The estimate would put the savage category 4 storm that struck the U.S. Gulf Coast Monday morning in a class with 1992’s Hurricane Andrew, as one of the costliest natural disasters even to hit the U.S. Andrew cost around $16 billion at the time, $21 billion in today’s dollars.
Munich Re indicated that it expects its own share of the damage claims to be approximately 400 million euros ($490 million) pretax, but not including reinsurance recoveries.
The spokesman reiterated that the company did not anticipate any material affect on its earnings forecasts.
Was this article valuable?
Here are more articles you may enjoy.
Man Sentenced for Flashing Three Insurance Agencies in Georgia 
One of Highest Property Claims Severity Recorded in Q3 on Low Volume, Says Verisk 
WTW to Acquire Newfront in Deal Worth Up to $1.3B 
Viewpoint: Agentic AI Is Coming to Insurance Industry – Much Faster Than You Think 
