Insurance Industry Leaders Discuss Trends And The Effects Of
Hurricane Katrina
Hurricane Katrina has affected the insurance industry
dramatically. At a recent conference, several industry leaders
discussed trends in the market, recruitment of new agents, the
devastating effects of Katrina, and the insurance industry's
duties to policyholders in the aftermath of the hurricane. The
long and short term effects of Katrina was the focus of the
panel, led by CEOs of major insurers, which determined that the
insurance industry must stand behind policyholders, especially
those affected by Hurricane Katrina. There was agreement between
most major insurance companies that the suspension of billing
and cancellations was the top priority, along with paying claims
promptly and fairly to those in devastated regions.
The various insurance associations, both state and national,
have created a fund to help industry colleagues affected by
Katrina recover from the losses they have suffered. The fund
will also benefit the families of agents and brokers directly
affected by the hurricane. Hurricane Katrina has devastated not
only human life and property, but also the economic stability of
the coastal region. Major insurance companies have suffered
devastating losses as well as a result of Hurricane Katrina. The
insurance industry estimates that 15 to 25 billion dollars in
losses could be the price of insured losses due to the
hurricane.