11:31 A.M. - NEWARK, CA (AP): A leading risk assessment firm is projecting the economic loss from Hurricane Katrina and flooding in New Orleans at over $100 billion.
Risk Management Solutions says the losses are the result of two separate catastrophic events: the landfall of Hurricane Katrina last Monday, and the New Orleans flood which resulted from failure of the levee systems that protect the city.
The company says at least 50% of the total economic loss is expected to come from flooding in New Orleans, in addition to hurricane losses from wind and coastal surge, infrastructure damage, and indirect economic impacts.
On Monday, RMS issued preliminary insured loss estimates of up to $25 billion for Hurricane Katrina, prior to evidence of the levee failure and flooding.
Credit rating agency Standard and Poor's has said that damage from the hurricane could reach $50 billion once damage to bridges, roads and other public infrastructure is counted.
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