Hurricane Katrina has wreaked havoc in numerous ways: on peoples lives and homes that now have to be rebuilt, the US budget deficit which goes from bad to worse, and the insurance and reinsurance sector.
The bad news is that, while there is no consensus on the financial impact in the form of insurance claims, even the lower end of estimates of $40 billion would make it the biggest-ever single event for the insurance industry. Some estimates are in the region of $60 billion.
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