Lessons to be learnt 10 years on from Hurricane Katrina
According to a Marsh report, Hurricane Katrina, which caused the single largest insured loss of $41bn, had a significant impact on the property and casualty insurance industry.  The five major changes discussed in the report are: 1) Catastrophe (CAT) modeling has been widely adopted 2) Claim disputes have led insurers to tighten policy wording 3) Commercial policy holders have closer relationships with claim teams 4) Risk engineering has a renewed focus, and 5) Improvements in crisis management and business continuity planning.
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.