Zurich Financial Services has said it expects claims of about $600m (£340m) from Hurricane Katrina after tax and net of reinsurance recoverables.

The insurer said that "the task of estimating Katrina claims payments at this stage involves considerable judgment calls" due to "the sheer scale of destruction in Alabama, Louisiana and Mississippi, complex loss adjustment issues, the enormous clean up and restoration efforts, as well as widespread and potentially long-lasting business income loss."

Zurich said it would book the claims in the third quarter of the year and that they were lower than expected.

Topics