Hurricane Katrina is likely to prove to be the most costly event ever to hit the global insurance industry, according to a report published by Standard & Poor's.
The report said that so far, even the low side of loss estimates (about $35bn) places it at almost twice the cost of the 11 September 2001 attacks and more than Hurricane Andrew, which had insured losses (inflation-adjusted) of $22bn, and the 2004 hurricane season, which had combined losses of $22.7bn.
Total economic damage estimates have now risen to $125bn and insured loss estimates are up to a high of $60bn.
The report, titled 'Hurricane Katrina Insurance Industry's Costliest Event', examines these estimates and the possibility that the losses might climb even higher.
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.
