“How will the industry respond to the largest insured loss in its history?”

The triple whammy of Katrina, Rita and Wilma unearthed a series of flaws which went right to the core of the way the international insurance and reinsurance industry operates, exposing deficiencies in areas such as catastrophe risk modeling, the pricing of business, reinsurance buying strategies and the capital adequacy models employed by rating agencies and regulators. In the aftermath of this unparalleled series of losses, insurers, reinsurers, retrocessionaires, rating agencies, regulators and cat modelers alike are all undergoing a lengthy period of reassessment as they prepare to face more of Katrina's kin in the coming years.

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