Business Services Industry
Katrina losses change market for coast risks.(storm warnings for days during a hurricane season)
Business Insurance, August, 2006 by LENCKUS, DAVE
Byline: DAVE LENCKUS After prompting increasingly dire storm warnings for days during a hurricane season that experts had predicted would be troublesome, Hurricane Katrina slammed into the U.S. Gulf Coast a year ago with a ferocity for which few had adequately prepared. A year later, as businesses and communities in wind-prone areas of the United States brace for another active hurricane season, the fallout from the record hurricane losses last year is dogging risk managers: Property catastrophe insurance capacity is sharply lower and prices are exorbitant.
But, unlike other tight insurance markets, this one is different, some market experts warn. This one mimics a rough patch in the insurance market cycle but is actually quite different, they say....
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