Although the damage caused by Hurricanes Katrina and Rita couldeffectively negate the record profits enjoyed by the insuranceindustry during the first half of the year, companies should notexpect a reactionary hardening of the market similar to the monthsafter the Sept. 11, 2001 terrorist attacks.
"The hurricanes will have a very, very substantial impact," saidRobert Hartwig, senior vice president and chief economist at theInsurance Information Institute. "The only question is how much,ultimately."
Taken together, Mr. Hartwig said, the losses from HurricanesKatrina and Rita "are basically equivalent to every dime of profitthe insurance industry hoped to earn," during the first half of theyear.
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