Insurers were bracing themselves on Friday for the most severe hurricane losses since Katrina in 2005, as Ike bore down on the US.

Deloitte said Ike could inflict claims of up to $25bn (€18bn, £14bn) on insurers and reinsurers, depending on its strength and where it made landfall. At $25bn it would be the biggest insured loss from a hurricane since Katrina generated about $40bn of claims.