Nearly 70% of claims in Louisiana and Mississippi from people who lost their homes as a result of Hurricane Katrina have already been settled by insurers.

The Insurance Information Institute says more than 732,000 homeowners’ insurance claims have been settled in the two states, totaling $US11.4 billion ($15.2 billion).

More than a million claims are expected to be paid out, totalling close to $US16.4 billion ($21.9 billion).

Insurers have so far settled 479,500 homeowners’ claims or 69% of expected homeowners’ claims in Louisiana, totaling $US7.5 billion ($10 billion).

In Mississippi, 253,000 or 71% of expected homeowners’ claims, totaling $US3.9 billion ($5.2 billion) have been settled.

About 90% of claims for damaged vehicles claims have been settled in both states.

The property/casualty market will pay out an estimated $US40 billion ($53.4 billion) on some 1.75 million claims for Hurricane Katrina alone.

By contrast, when Hurricane Andrew hit in 1992 it resulted in $US15.5 billion ($20.7 billion) and 700,000 claims.