Legacy of Hurricane Katrina – Reinsurance capacity bubble
Wednesday, 09 02 2015, Category: Insurance and Reinsurance, Country: United States
Saturday 29th August was the 10th anniversary of hurricane Katrina’s destructive landfall in Louisiana, which caused the inundation of New Orleans and resulted in the most costly natural catastrophe event in U.S. history, changing the reinsurance market in its wake.
The effects of hurricane Katrina were felt across Florida, the Panhandle and the Gulf Coast states, but most acutely in New Orleans where the human tragedy of a major natural catastrophe event unfolded that day.
The sad toll, in terms of human lives set back or lost altogether, is a constant reminder that the insurance and reinsurance industry is there for a reason, to help people recover, rebuild and refinance after the worst happens.