PCI hails industry changes five years after Katrina
Insurers are more effectively managing catastrophic risks as a result of the lessons learnt after Hurricane Katrina, according to the Property Casualty Insurers Association of America (PCI).
The organisation released a white paper highlighting the improvements made across the insurance industry and how companies are helping the public to be better prepared in the future.
David Sampson, president and chief executive officer of PCI, said. “The response to Katrina was massive, with more human and financial resources deployed to assist with relief efforts than for any other storm in US history. The insurance industry dispatched thousands of insurance adjusters to the Gulf region to assist policyholders in filing claims and starting the recovery process. The industry paid billions in claims payments and made substantial contributions to the relief effort.”
A PCI statement added that Hurricane Katrina created important opportunities for the property casualty insurance industry to assess the ways in which it prepares to respond tonatural catastrophes. The white paper highlights the following key lessons for insurers and positive developments since the storm:
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