Brit Insurance has announced a preliminary estimate of £145m for claims arising from Hurricanes Katrina, Rita and the New Orleans flood..
The insurer said the figure comprises £125m for Katrina and the subsequent flooding in New Orleans and £20m for Rita, net of reinsurance recoveries and reinstatements.
Brit said it believed that the net impact of the above estimate from the two hurricanes and flooding on 2005 pre-tax profits will be approximately equivalent to its £112m pre-tax result for the first six months of 2005.
Dane Douetil, chief executive, said: "We expect that the unprecedented industry losses arising from hurricanes Katrina and Rita, and the New Orleans flooding, following on the 2004 hurricane losses, are likely to have a significant impact on pricing, especially in our energy, property, reinsurance and retrocession businesses."
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