LONDON, Aug 30: Lloyd’s, the world’s biggest insurance underwriting market, predicted on Tuesday that the devastating impact of Hurricane Katrina would result in a “significant” number of claims.

“Lloyds expects to receive significant insurance claims as a result of Hurricane Katrina, predominantly in relation to offshore energy installations in the Gulf (of Mexico), property damage and business interruption,” said a statement from the Lloyd’s insurance market.

“We are today asking all insurers at Lloyds to supply details of the likely impact on their businesses, by September 12. Those returns will allow us to give more information about the markets overall exposure.

“Clearly Katrina had a major impact on businesses and communities in the Gulf Region of the US. Lloyds priority now will be to assess and settle claims as speedily as possible, to help the reconstruction of that area.”

German reinsurance giant Munich Re has estimated that Katrina could cost the world’s insurers up to $20bn.—AFP