Washington–Insurance industry representatives told Congressyesterday their resources can handle Hurricane Katrina losses, butthey need government involvement in catastrophe insurance so futurenatural disasters do not overwhelm them.

The call for a public/private partnership designed to createadequate reserves for a costly storm was made yesterday at aninformal meeting of the House Financial Services Subcommittee onCapital Markets, Insurance and Government SponsoredEnterprises.

In the wake of Hurricane Katrina, members of the committeesought the briefing to determine how the industry is dealing withthe aftermath of Katrina's multibillion-dollar rampage through theGulf Coast states.

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