Risk Management Solutions has increased its estimates for damages stemming from Hurricane Katrina to between $40 and $60bn in insured losses and more than $125bn in total economic losses.
The catastrophe modeling firm had previously estimated insured losses at $20 to $35bn and economic losses at more than $100bn.
RMS said that the revised estimates reflect an analysis the company performed to calculate the insured and uninsured loss components of flooding related to the storm.