A federal court ruling holding the Army Corps of Engineers–and,by extension, the U.S. government–liable for damage in New Orleanscaused by Hurricane Katrina is unlikely to have much effect on theproperty and casualty industry, an Insurance Information Instituterepresentative said.
Loretta Worters, vice president of the New York-based Institute,told NU the industry has already paid out most of itsKatrina-related losses, so the ruling should not impact propertyinsurers.
However, she said the ruling could open the government toexposure for millions of dollars in previously uninsuredlosses.
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