US HURRICANE LOSSES COULD REACH $57.6BN, STUDY SAYS

Combined pre-tax insured losses from hurricanes Katrina, Rita and Wilma could total $57.6bn, more than double the previous record annual total for US insured catastrophe losses, according to a statistical analysis by New York-based insurance analytics group Advisen. After-tax losses from Katrina, Rita and Wilma at end- December were $28bn, $4.5bn and $4.8bn, respectively, Advisen said. When unreported losses from State Farm and other carriers are included in the calculation, pre-tax insured losses from the three storms are expected to reach $40.4bn, $6.4bn And $10.8bn, respectively. The totals could rise further if pending lawsuits force insurers to cover flood damages connected to the storms, Advisen said.