QBE says it’s too early to estimate the insured damage the company’s US operations might be liable for in the wake of Hurricane Katrina. The company says it has a number of policyholders in Louisiana – but it’s not yet saying just how many, or how much they are covered for.

CFO Neil Drabsch says it’s too early to estimate damages. “If that changes, we have a responsibility to advise the market”.

Analysts are predicting any costs QBE has incurred from the disaster will be negligible and won’t affect the insurer’s long-term outlook.

Chief Risk Officer Gayle Tollifson says QBE has been active in the Louisiana commercial property and marine markets through its US subsidiaries.

QBE is believed to have further exposure to Hurricane Katrina through its reinsurance portfolio managed out of London.

A rise in hurricane activity in the Caribbean and south-eastern parts of the US in the 2003/04 year cost QBE’s North American operations $670 million. Reinsurers absorbed most of these claims, with QBE paying $230 million.