Ten years after Hurricane Katrina – the most costly natural disaster ever faced by the insurance industry and one of the most powerful storms to strike the United States Gulf Coast – the risk of catastrophic storm surge remains, according to a new report from catastrophe modelling firm AIR Worldwide. The Katrina 2015 report models two scenarios for Hurricane Katrina’s landfalls along the Gulf Coast with today’s exposure: the first with catastrophic failure in the flood defence system, the second with the new flood defences holding.