Hurricane Katrina was the costliest hurricane, as well as one of the deadliest, in U.S. history. The storm formed over the Bahamas on August 23, 2005 and crossed southern Florida soon thereafter as a Category 1 hurricane before strengthening rapidly in the Gulf of Mexico. Katrina made its second U.S. landfall as a Category 3 storm on the morning of August 29, 2005 in southeast Louisiana. Between 1,300 and 1,500 people lost their lives as a result of Hurricane Katrina.
Five years later, Hurricane Katrina remains the largest single loss event in the history of the global insurance industry, causing an estimated $41.1 billion in insured damage ($45.1 billion in 2009 dollars) and 1.7 million claims across six states.
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