Soft Markets Lead To Hard Times....

On 29 August 2005 Hurricane Katrina made landfall on the Louisiana coastline. Just shy of one month later, Hurricane Rita tore across southern Florida, hitting the Texas-Louisiana border after crossing the Gulf of Mexico. About one month after that Hurricane Wilma, the most intense tropical storm on record in the Atlantic basin, ripped across the Gulf in the opposite direction, devastating parts of the Caribbean, Mexico and Florida. This 3-storm combination resulted in one of the most widespread loss recovery situations the US property/casualty market had ever seen. Even with the collegiate spirit and robust wordings in the market there were issues, particularly with business interruption. Some companies are still dealing with claims a decade later.