Insurance Services Office, Inc., said property-casualty losses from Hurricane Katrina are expected to cost U.S. insurers $34.4 billion in insured property losses, making it the mostly costly U.S. catastrophe in history.

In inflation-adjusted dollars, the storm beats out 1992′s Hurricane Andrew with $20.8 billion in insured losses.

The Jersey City, N.J.-based insurance services provider said the estimate comes from ISO's Property Claim Services unit and is based on insurer surveys.

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