Despite estimates that Hurricane Katrina may become the most damaging U.S. hurricane, one analyst suggested it is a time to buy shares in insurers whose stock prices sagged with the arrival of the storm.

“We would be buyers of p-c insurance companies on any weakness in the stocks today, given that the impact to the stocks tends to [be] of greater magnitude than would [be] implied by the damage to insurers’ balance sheets,” wrote Jay Gelb, Lehman Brothers Equity Research analyst.

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