AIR puts initial Katrina estimate at $12bn-$26bn

AIR Worldwide estimates that Hurricane Katrina could cost the insurance industry between $12 and $26 billion.The insured losses caused by Hurricane Katrina are likely to make it one of the two worst natural catastrophes in US history.

Insured losses from Hurricane Andrew in 1992 were $15.5bn in 1992 dollars and over $25bn in current dollars. Rival modeling company RMS has made an initial damage assessment for Katrina of $10bn-$25bn

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ABI insists fire safety scheme is temporary

Mervyn Skeet, the Association of British Insurers’ director of general insurance, has outlined how the trade body will ensure the Fire Safety Reinsurance Scheme will only last three to five years, and how it will should end criticism of brokers earning commission for arranging cover.

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