Katrina to lead to $26bn wave of insurance claims - papers 30th August

They later retreated to $67.20 while petrol futures traded at $2.13 a gallon, up more than 10%, but the biggest impact was felt on the natural gas market, where prices surged 23%, surpassing $12 per million Btu, says the paper. Oil prices remain high today amid uncertainty over the level of damage Hurricane Katrina has inflicted to platforms and ports in the Gulf of Mexico, where 30% of US oil is produced. Meanwhile the US insurance market is bracing itself against a possible $26bn in storm damage claims. The insured losses caused by Hurricane Katrina may make it one of the worst natur...