Hurricane Katrina losses could be $20bn less than originally estimated, according to Standard & Poor's (S&P).
Simon Marshall, S&P sector specialist for European reinsurance, said the general industry consensus was that losses could range between $40bn and $45bn.
Early industry speculation tipped initial losses as high as $60bn, but Marshall said the estimates probably did not account for the US government subsidy for flood damage.
But he said he would not be surprised if the estimates increased.
He added that firms would be able to quantify the extent of the loss with some level of certainty by December once the hurricane season had ended.
Meanwhile, a new storm, Wilma, is set to reach category three as it enters the Atlantic basin.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
