Risk Management Solutions (RMS) has said that total economic losses from both insured and uninsured damage from Hurricane Katrina and flooding in New Orleans is expected to exceed $100bn.
The group said that the losses would result from two separate catastrophic events – the landfall of the hurricane and the flooding that resulted from the breaching of levees.
RMS predicted that the floods in New Orleans will make up at least half of the total economic losses and estimated that the costs of interrupted economic activity caused by the flooding will exceed $100m per day.