The fifth anniversary of Hurricane Katrina gives us all pause for thought. Katrina was the costliest hurricane, as well as one of the deadliest, in U.S. history.
HereÃ¢â‚¬â„¢s a look at the storm by some of the numbers (sourced from the I.I.I. white paper: Hurricane Katrina: The Five Year Anniversary):
Ã‚ Ã¯ ® August 29, 2005: the day Hurricane Katrina made its second U.S. landfall as a Category 3 storm in southeast Louisiana.
Ã‚ Ã¯ ® 1,300-1,500: the estimated number of people who lost their lives as a result of Hurricane Katrina.
Ã¯ ® $41.1 billion: the amount private sector insurers paid out to policyholders for insured losses across six states.
Ã¯ ® 1.7 million: the number of auto, home and business claims received by insurers.
Ã¯ ® $16.1 billion: what the federal governmentÃ¢â‚¬â„¢s National Flood Insurance Program (NFIP) paid out in flood insurance claims from Katrina.
Ã¯ ® $2-$3 billion: the amount private sector insurers paid out in damages to offshore energy facilities.
Ã¯ ® 99 percent: the proportion of the 1.2 million personal property claims settled by the second anniversary of the disaster.
Ã¯ ® Fewer than 2 percent: the share of Katrina homeowners claims in Louisiana and Mississippi that were disputed either through mediation or litigation.
Inadequate building codes in two Gulf coast states devastated by Hurricane Katrina could leave new and rebuilt properties at risk of future damage, according to a new study from the InstituteÃ‚ for Business and Home Safety (IBHS).
Ã‚ The warning comes just ahead of the fifth anniversary of Hurricane Katrina, the most costly insured disaster in United States history, which caused more than $41 billion in insured damage and 1.7 million claims across six states (Louisiana, Mississippi, Alabama, Florida, Tennessee and Georgia).
In its analysis of pre- and post-Katrina building codes, IBHS found that while there have been positive steps taken in a number of coastal communities and counties in Alabama and Mississippi, only Louisiana took steps to adopt and enforce a statewide building code after Katrina struck.
IBHS researchers wrote:
There is no question that no one wants a repeat performance of this devastating event that left at least 1,300 people dead. Yet, the steps taken to improve the quality of the building stock, whether through rebuilding or new construction, call into question the commitment of some key stakeholders to ensuring that past mistakes are not repeated.Ã¢â‚¬
Check out the Disaster Safety blog for more on the IBHS analysis. Check out IBHS information on building codes here.
For more information on Hurricane Katrina and insurance issues, check out a new white paper from the I.I.I., Hurricane Katrina: The Five Year Anniversary.