Nearly three years after ravaging the Gulf Coast, Hurricane Katrina is still teaching us lessons about disaster protocols. Claims' Eric Gilkey recently spoke with Trish Conway, manager at Ernst & Young's Insurance and Actuarial Advisory Services, to discuss strategies to speed recovery after the next big storm.
How are lessons learned from the storms of 2004 and 2005 being applied today?
The output of the commercially available catastrophe models was not terribly accurate in a significant number of cases. To remedy this, the models themselves have since been re-calibrated. This is something that naturally happens with each major event. Reliable data about historic storm parameters is only available for a relatively short time period (about 100 years), and the damageability of current property stock is tested with each new event. Therefore, each new event adds to our knowledge of how storms impact us.
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