Bermuda-based PartnerRe Ltd. estimates that the total industry insured loss for Hurricane Katrina will be between $30 billion and $35 billion.

And it said its share of the claims will be no more than ten percent, or $348 million, of the company's $3.48 billion in shareholder equity.

Partner Re was the first Bermuda-based reinsurer to release an estimate of its claims of the disaster, and was followed by Aspen Insurance Holdings Ltd., which said it expected to pay out net claims of $150 million and estimated the total insured loss at up to $40 billion.

Groups such as Risk Management and the New York-based Insurance Information Institute previously estimated insured losses of $20 billion to $35 billion from Katrina, which made landfall on August 29 and caused significant devastation in Louisiana, Mississippi and Alabama.

Hurricane Andrew in 1992 had been the costliest storm, with roughly $20.8 billion in claims.

PartnerRe said the loss adjustment process for Hurricane Katrina will take several months due to the protracted recovery period and complex coverage issues. President and chief executive Patrick Thiele said: "We believe that Katrina may be the largest insured event in history, but its economic impact is dwarfed by incalculable cost in human lives, pain and suffering.

"It comes in a quarter that has seen numerous other catastrophes and large loss events. Nevertheless, these events are within PartnerRe's modelled exposures and well within our financial capacity to meet them."

Besides Hurricane Katrina there have been several other industry large loss events in the quarter, including five aviation losses, Atlantic hurricanes Dennis and Emily, two typhoons in Japan and China, and flooding in India and Central Europe.

Based on its analyses and modelling and assuming no other large loss events or significant movement in credit and equity markets for the remainder of the quarter, total shareholders' equity would decline no more than ten percent from the $3.482 billion reported at June 30, 2005 as a result of catastrophic events of the third quarter.

"We expect no change in our risk capacity or our risk appetite in the upcoming renewal season," said Mr. Thiele.

Aspen said it expected to pay out more for claims from Hurricane Katrina than from the subsequent "Great New Orleans Flood" because its preliminary analysis suggested that the flood losses were substantially uninsured. Aspen also said it expected to see its premium growth for the full financial year to exceed the 20 to 25 percent increase it had been predicting because of the anticipated increase in catastrophe insurance premiums and new business after the storm.

Chris O'Kane, chief executive officer, said: "These events will have far-reaching social consequences and their impact will be felt for years to come in the industry.

"We are currently evaluating the likely impact on market conditions and on prices on loss impacted and other lines across our business, in particular onshore and offshore energy physical damage, major account property insurance and catastrophe exposed property reinsurance. We anticipate that we will see significant price increases in these lines.

As a result of North Atlantic Hurricane activity this year and last, our underwriters, actuaries and catastrophe modelers are re-examining the foundations of catastrophe property pricing. Current atmospheric and sea surface temperature cyclical fluctuations lead us to believe that we may be in a period of exceptional turbulence for some years.

"Hurricane Katrina and the Great New Orleans Flood are first and foremost humanitarian tragedies. Aspen has made charitable donations to relief agencies when disasters of similar magnitude have occurred in the past and we will do so on this occasion. Our thoughts and sympathies are with those affected by the disaster and their families at this time."