The full story of Hurricane Katrina has yet to unfold, but early estimates already make her one for the record books, with a rating service saying she may be the costliest hurricane ever for insurers.
Fitch Ratings, in Chicago, said that the hurricane will "likely" be the largest insured loss since the terrorist attack of 9/11 and the largest U.S. hurricane since Andrew in 1992, which cost $15.5 billion in insurance losses at the time, or more than $25 billion in today's dollars.
The rating service went on to say that losses would be material to both the U.S. primary insurance industry and the reinsurance industry, referencing several modeling firms for its figures.
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