Hurricane Katrina Makes Landfall in Louisiana
Hurricane Katrina has made landfall in Southern Plaquemines Parish Louisiana, just south of Buras, as a Category 4 hurricane. Maximum winds are estimated at 140 mph to the east of the center.
EQECAT is revising its expected insurance industry losses from Hurricane Katrina to a new range of from $14 billion to $22 billion.
These adjustments to the expected range of losses are not accompanied with a new estimate of windspeeds but a reflection of the increased friction costs in addressing regional disruptions because of localized flooding.
This estimate does not explicitly include flood losses: Personal lines losses are generally covered by the NFP, but many commercial policies do not. It also excludes auto PD losses.
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