Despite estimates that Hurricane Katrina may become the mostdamaging U.S. hurricane, one analyst suggested it is a time to buyshares in insurers whose stock prices sagged with the arrival ofthe storm.

"We would be buyers of p-c insurance companies on any weaknessin the stocks today, given that the impact to the stocks tends to[be] of greater magnitude than would [be] implied by the damage toinsurers' balance sheets," wrote Jay Gelb, Lehman Brothers EquityResearch analyst.

Hurricane modelers have estimated that damage fromKatrina==which hit Louisiana today as a Category 4 storm on thefive point Saffir-Simpson scale==could be larger than HurricaneAndrew in 1992, which caused $22 billion in insured damage, and wasthe most damaging hurricane in history.

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