In 2004 Florida was battered by hurricanes Charley, Frances, Ivan and Jeanne. In 2005 Hurricane Katrina killed more than a thousand people and tens of thousands were left without homes.
For Charley, Frances and Ivan, the total industry loss was estimated to be approximately $25bn, of which Lloyd’s share was $2.3bn.
86% of the Florida claims were settled by Christmas. And, while others battened down the hatches, we continued to offer insurance. At the time, Jonathan Gray, underwriter for Beazley said: ‘It wasn’t just the size of the loss, but how incredibly hard it was to adjust – with one hurricane following another. But we were there providing cover for homes and businesses immediately afterwards.’
2005 Hurricane Katrina
Hurricane Katrina was the deadliest and most destructive Atlantic hurricane of the 2005 Atlantic hurricane season. It was the costliest natural disaster, as well as one of the five deadliest hurricanes, in the history of the US.
In Katrina’s wake, more than a thousand people lost their lives, tens of thousands were displaced and the once-great city of New Orleans is a shadow of its former self.
In difficult circumstances, Lloyd’s responded quickly and strongly, sending thousands of loss adjusters to the region, paying billions of dollars in claims and donating millions of dollars in relief funds. Within hours of Katrina hitting, Lloyd’s had an emergency hurricane response team in London and the US established. We also launched a toll-free helpline to deal with urgent policyholder concerns, which took thousands of calls and helped more than 99% of policyholders initiate contact with the right people in our marketplace. And Lloyd’s was the first to pay claims to the offshore energy industry after the hurricane decimated the Gulf.