EQECAT estimates Katrina-related losses

Based on a recent analysis, EQECAT, Inc. estimates insured losses to the offshore oil and gas industry, private automobiles and marine insurance, as well as commercially insured flood damages related to Hurricane Katrina are between US$11 billion and US$19 billion.
The Company’s previous estimates of insured losses from wind damage remain constant at the range of US$14 billion to US$22 billion.
President of EQECAT Richard Clinton says the additional insured loss estimates result from “a special extensive analysis of credible, currently available information received from various sources and internal modeling capabilities, along with on-the-ground assessment by EQECAT representatives.”
Clinton says EQECAT estimated insured losses to the offshore oil and gas industry at between US$5 billion and US$8 billion, andi nsured losses for private automobiles and marine insurance at about US$1 billion to US$2 billion. EQECAT also estimates commercially insured flood damage at between US$5 billion and US$9 billion.
Clinton says it is too early to provide preliminary insured loss estimates for Hurricane Rita now moving through the Gulf of Mexico, but adds EQECAT was analyzing model results for that storm and anticipates issuing results soon.