Ten years after Katrina: Can insurance play a part in getting cities back on their feet faster?
With more than 1800 lives lost, over three-quarters of the city flooded and insured losses of almost USD 80 billion, Hurricane Katrina highlighted the need for better preparation in advance of major disasters. In the decade since she hit, the impact is still being felt not only in New Orleans, but around the world.
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The scale of Katrina was unimaginable, and still affects lives and businesses in the city, as well as the economic power of New Orleans itself.
Katrina has also left its mark on the insurance industry. We're thinking more proactively about how we can help cities become more resilient. This includes supporting the establishment of an office to improve city risk management and making the handling of property and liability claims more efficient.
But most importantly, we're working with governments and organisations to find innovative financial mechanisms that support swift emergency response and reconstruction. That's why Swiss Re is an active partner of the 100 Resilient Cities Network.
In Ten years after Katrina, our experts examine how Katrina changed the way we view exposure concentration, catastrophe modeling, and how prepared we are for similar events today.
Published 25 August 2015