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Panel Detail:
Wednesday, April 26, 2006
10:35 AM - 11:50 AM
The Next Katrina: Who Will Pay?
Speaker:
Thomas Wilson,
President and COO, Allstate Corp. and Allstate Insurance Co.
Moderator:
Joel Kurtzman, Senior Fellow, Milken Institute; Senior Advisor, Knowledge Universe
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In this roundtable, Thomas Wilson of Allstate Corp. explored with participants some potential national solutions to better prepare and protect America from mega-catastrophes.
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Hurricane Katrina may end up being the most expensive catastrophe in U.S. history, with recovery costs exceeding what America spent on the Marshall Plan to rebuild Europe after World War II. Nine months after Katrina, its economic ripple effect continues to be felt. Meanwhile, this year marks the 100th anniversary of the 1906 San Francisco earthquake, which today would result in economic damage of more than $400 billion. The potential for widespread losses from mega-catastrophes is made worse by the combination of more people living in harm's way and the rising value of homes in disaster-prone areas. More than half of Americans now live in coastal counties, an increase of 33 million people since 1980; one-third of Americans live in areas exposed to major earthquake risk. When you factor in that about half of Americans' net worth is tied up in their homes, even retirements are at risk. This roundtable will explore potential national solutions - from the practical to the cutting edge - to better prepare and protect America from mega-catastrophes.
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