In the early morning hours of August 29, 2005, Hurricane Katrina struck the Gulf Coast of the United States, resulting in more than $41 billion in insured property damage, with total economic damage topping $100 billion. The fallout from Katrina has led to significant changes within the insurance and risk management industry. 

According to the Marsh report, "10 Years After Hurricane Katrina: Lessons in Preparedness, Response, and Resiliency," changes over the past 10 years in the property and casualty insurance industry were all influenced by Hurricane Katrina, as well as Hurricane Ike and Superstorm Sandy. The report reviews how property insurance, claims, analytics, risk engineering, and crisis management have changed since Katrina—and explains what has been learned from Katrina and other disasters about protecting people, property, and profits.

Here are 5 major changes in the P&C insurance industry that are a direct result of Katrina's immense destruction and shocking aftermath.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Jayleen R. Heft

Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].