Search
 

Climate Change

After settling down post-9/11, the property insurance market has been roiled by the onslaught of hurricanes in 2005. Unfortunately, thanks to global warming, we may have a lot more pain ahead.

By Russ Banham | Updated on September 01, 2006

Twenty days before Mother Nature devastated the Southeast a year ago, Lance Ewing showed up for his new job as vice president of risk management at Harrah’s Entertainment Inc. in Memphis. Harrah’s had acquired Ewing’s former employer Caesars Entertainment, and Ewing was still in the process of surveying its properties. One month later, some of those properties were underwater.

Hurricanes Katrina, Rita and Wilma ultimately caused $1.5 billion in property insurance losses for Harrah’s. A broad array of casinos, hotels, restaurants, movie theatres, children’s arcades, parking garages, restaurants and retail shops in Gulfport and Biloxi, Miss., and New Orleans and Lake Charles, La., were shuttered because of extensive physical damage or because the government ordered them to close. Two riverboat casinos and those operated on now-submerged barges were unsalvageable. Massive losses from business interruption resulted.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

 

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2022 ALM Global, LLC. All Rights Reserved.