Allianz report looks at Hurricane Katrina 10 years on: lessons learned and new risks for businesses

Published: Wednesday, 19 August 2015 08:22

To mark the 10-year anniversary of Hurricane Katrina, a new risk bulletin from Allianz Global Corporate & Specialty (AGCS) – ‘Hurricane Katrina 10: Catastrophe Management And Global Windstorm Peril Review’ – analyzes windstorm risks and losses and examines the lessons learned from Katrina for future global windstorm loss mitigation, given increasing weather volatility.

“Katrina will always be remembered as an extraordinary natural disaster that foremost affected millions of individuals and businesses, but also left an indelible impact on the global insurance industry,” says Chris Fischer Hirs, CEO of AGCS. “Storms can have a devastating effect for businesses. Even without considering the influence of climate change the prospect of increasing losses is more likely in future due to continuing economic development in hazard-prone urban coastal areas around the world and in Asia in particular. Preparedness is a key issue to limit windstorm exposure and the lessons learned from major catastrophes such as Katrina can help businesses mitigate the impact of future events. AGCS is committed to working closely with clients and risk managers and sharing its insight to help ensure they are as prepared as possible.”

Highlights from the report include:

Read the document (PDF).