The continuation of this week’s “Comp Blog Commemorates K10” series features Toby Wallis of the Baton Rouge-based Wallis Group, who was on the ground after Katrina, witnessing the personal and systemic after-effects of the hundred year storm.
The event encompassing Hurricane Katrina’s landfall on August 29th, 2005, and the subsequent breach of the federally built and maintained levees that caused 80 percent of New Orleans to flood and killed 1,833 people, also constituted the largest insured loss the world over since 1970, to the tune of $78.64 billion. Louisiana Insurance Commissioner Jim Donelon, who was appointed soon after the storm in early 2006, spoke to Louisiana Comp Blog for our “Comp Blog Commemorates K10” series about his personal experience, the successes, the failures, and how Louisiana’s insurance environment has changed a decade later.
The Louisiana Department of Insurance hosted a “State of Insurance” summit yesterday at the University of New Orleans to mark a decade since Hurricanes Katrina and Rita wreaked havoc across much of the state in 2005. The event focused mainly on the property and flood insurance markets since the storm, as well as the reduction in Louisiana Citizens Property Insurance Corporation’s market share.