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What's Going On: Big 'I' members meet in the aftermath of Katrina

THE SETTING was New York, and the date was 9/11. But the disaster on everyone's mind this time was Hurricane Katrina, not the attack on the World Trade Center. As members of the Independent Insurance Agents & Brokers of America gathered last

By George F. Williams | Updated on September 30, 2005

THE SETTING was New York, and the date was 9/11. But the disaster on everyone’s mind this time was Hurricane Katrina, not the attack on the World Trade Center. As members of the Independent Insurance Agents & Brokers of America gathered last month in the Big Apple for their annual convention, there were many topics on the agenda, including the extension of the Terrorism Risk Insurance Act, agent compensation in the Spitzer era, insurance regulation and progress on the association’s “Trusted Choice” branding initiative. But uppermost in everyone’s mind was the disaster that had befallen the Gulf Coast just two weeks earlier.

Katrina likely will go down as the costliest disaster ever to hit the insurance industry, with insured losses last month estimated as high as $60 billion, out of more than $200 billion in total damages. The scope of the human tragedy was incalculably higher, with the death toll climbing past 1,100 at the time this was written, and with hundreds of thousands of people left with next to nothing and scattered in shelters about the country.

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