The last week of August marks the tenth anniversary of Hurricane Katrina, the costliest storm ever to make landfall in the United States; and a new report published by Marsh looks at the lessons that can be learned from the event.
In ‘10 Years After Hurricane Katrina: Lessons in Preparedness, Response, and Resilience’, executives from Marsh reflect on how property insurance, claims, analytics, risk engineering, and crisis management have changed since Katrina; and explain what we've learned from Katrina and other disasters about protecting people, property, and profits.
The key takeaways from the report include:
- The importance of reading and understanding your insurance policies cannot be underestimated.
- The benefits of ‘drilling’ your insurance policy to understand how it will respond to potential disasters.
- Why providing high-quality data for catastrophe (CAT) models is essential.
- How a robust business continuity and crisis management plan protects people and profits.
The report concludes that businesses can mitigate their risks and increase their resilience by focusing on four areas:
1. Protect your property;
2. Protect your profits;
3. Protect your people;
4. Protect your future.
Read the report (PDF).