Having already revealed a multi billion dollar insurance bill for the damage caused by hurricane Katrina, the US Insurance Services Office has now reported estimates of $4.7 billion in property and casualty exposure to US insurers as a result of hurricane Rita.
The Insurance Services Office (ISO), a statistical clearinghouse for the insurance industry, revealed the costly figure as its preliminary estimate of the exposure property and casualty insurers operating in the southern US states affected by hurricane Rita can expect.
According to the report, once again the state of Louisiana has been worst hit as its estimated insurance losses of $2.4 billion accounts for about half of the total. Texas, which was largely unaffected by hurricane Katrina, accounted for estimated losses of £2.2 billion.
ISO added that it expects 400,000 claims to be lodged with insurers relating to the damage caused by Rita.