Nearly two years after Hurricane Katrina struck the US Gulf Coast, the overwhelming majority of claims – worth $US40.6 billion ($48.2 billion) – have been settled.

The Insurance Information Institute says the claims in litigation account for a very small percentage of the total, and most are no longer in contention.

There were 1.7 million claims for damage to homes, businesses and vehicles in six states. Hurricane Andrew in 1992, the previous record holder, resulted in 790,000 claims.