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Revealed – multi-billion insurance price tag of Ida in one state alone- Newshubweek

Revealed – multi-billion insurance price tag of Ida in one state alone
Written by Arindam


Revealed – multi-billion insurance price tag of Ida in one state alone

A release from the Louisiana Department of Insurance (LDI) has revealed that insurers have paid or reserved to pay $13.9 billion for any claims related to Hurricane Ida made through September 30, 2022 in the state.

Hurricane Ida struck Louisiana on August 29, 2021 as a Category 4 storm, affecting a total of 25 parishes.

The LDI reported that policyholders have filed 478,417 claims of all types from Hurricane Ida as of September 30. Of those claims, some 319,855 (67%) were closed with payment, equivalent to $10.9 billion in payments for hurricane damage.

According to the LDI, the updated Ida information was generated from a data call it had issued for all authorized P&C insurers and surplus lines insurers operating in the state. Figures include claims from both personal and commercial insurance, but did not include claims and payment data from the National Flood Insurance Program.

“Policyholders who feel their claim has not been properly resolved by their insurer can call us at 800-259-5300 and file a complaint,” said Louisiana Insurance Commissioner Jim Donelon. “Policyholders need to know they have a right to file a supplemental claim if they find additional damage or if the increased cost of materials made the initial payment insufficient to cover the loss.”

Read more: Louisiana regulator proposes $20 million plan to fund insurer incentive program

The LDI had previously proposed creating a $20 million incentive fund to attract more insurers to the state. According to Donelon, the $20 million would be coming from the excess the LDI collects from charging insurers for licenses, as well as other costs of business.

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Arindam

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