Hurricane Katrina was the costliest catastrophe in the history of the US property/casualty insurance industry, according to the property claim services unit of the Insurance Services Office.
Katrina resulted in insured property losses of around $34.4bn, with severe flooding and wind damage expecting to generate more than 1.6 million claims from policyholders in six states.
The claims primarily stem from damage to commercial and personal property, vehicles, and boats and yachts.