Estimated insured losses from Hurricane Katrina's direct impacthave increased to $20-$35 billion, as announced late last week byRisk Management Solutions.
On the day of Katrina's landfall on the Gulf Coast, RMS releaseda preliminary estimate of $10-25 billion for insured losses. Lastweek's increased estimate is based on more detailed informationfrom aerial and ground reconnaissance on wind and storm surgedamage, as well as updated reports on damage to offshore platformsthat sustained Category 5 winds as Katrina passed through the Gulfof Mexico.
Hurricane Katrina can be viewed as two loss events: the directimpact from the wind and storm surge, and the subsequent floodingthat occurred in New Orleans as a result of the levee breaksstarting on Tuesday, August 30. RMS is continuing to assess theestimated loss associated with the New Orleans flood, and expectsthe insured loss estimate to increase as the extent and duration offlooding are better defined.
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