Hurricane Katrina is estimated to have caused up to £14bn worth of damage, with Lloyd's bearing a heavy burden. Munich Re confirmed its losss will be $490m
Adjuster Mark Huxley, client services director for Axis International, said: "If the figures are correct, this is the largest ever insured hurricane event. We have an early response team prepared and will be getting the right people to the sites."
More than 50 people were killed. Loss of life and damage could have been even worse, since the hurricane weakened on reaching land and New Orleans avoided a direct hit.
A Lloyd's statement said it expected "significant insurance claims" as a result damage to offshore energy installations, property damage and business interruption.
