Insurers sell promises, and after Hurricane Katrina, they certainly have a lot of promises to keep.At press time, the economic loss from what appears to be the worst hurricane in U.S. history-along with subsequent flooding of New Orleans-was expected to exceed $125 billion, according to Risk Management Solutions (RMS), a Newark, Calif.-based catastrophe management technology and services provider.
RMS estimated insured losses from Katrina alone would be between $40 billion to $60 billion, which would far exceed Hurricane Andrew's $21.5 billion in damage back in 1992 (see "Top Five U.S. Natural Disaster Losses").
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