Hurricane Katrina has profoundly changed the approach to non life insurance

According to a recent report by Marsh, many lessons have been learned by insurers 10 years after Katrina. The hurricane that lashed the American coastline on August 29, 2005 triggered 41 billion USD in insured damages and 100 billion USD in economic losses.
Photo credit: Federal Emergency Management Agency (FEMA)Hurricane katrina damage in gulfport mississippi

Since then, non life insurers have adopted a series of measures to better control their exposure.

The modeling of catastrophe risks has been generalized while the terms of the insurance policies have been stiffened.
Strengthening of engineering studies on buildings has been introduced. Furthermore, crisis management procedures within insurers have been reviewed. The latter are now making recourse to specialized independent agencies.

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