European insurers have yet to come up with any solid estimates of losses, but large commercial interests such as oil refineries could push the figure upward, according to industry sources.
Munich Re has estimated its share of the loss at $493 million.
Hannover Re would only say that the storm ruled out the company reaching the upper end of its profit projection. The company had expected damage claims for the year to be within its multi-year average, which is 6 percent of property-casualty premiums.
The company had previously made hitting its profit target of over $530 million contingent upon keeping at this percentage.
Lloyd's said it has requested all of its insurers to supply details by Sept. 12. "Lloyd's expects to receive significant insurance claims as a result of Hurricane Katrina, predominantly in relation to offshore energy installation in the Gulf, property damage and business interruption," the company said in a prepared statement.
Swiss Re has yet to offer any estimates.
In a research note to clients, London-based Carvill Reinsurance Intermediary said that the lack of state catastrophe funds in Louisiana and Mississippi will send claims higher for reinsurers than would a comparable storm in Florida.
"Katrina has the potential to impact the retrocessional market in a significant way," the note said. "As losses approach and exceed $20 billion we would expect to see increasing impact on the retrocessional market."
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