Insurers are expected to pay $335 million to homeowners and businesses for insured-property losses from Hurricane Lili, which struck Louisiana and Mississippi on Oct. 3, according to estimates by the Property Claim Services unit of the Insurance Services Office Inc.
Lili, initially billed as a Category 4 hurricane, was downgraded to a Category 2 storm with wind speeds near 100 miles-per-hour when it made landfall near New Iberia in Southern Louisiana. Heavy rain exacerbated flood conditions that persisted following Tropical Storm Isidore, which had struck Louisiana the previous week.
Many homes and businesses sustained damage from fallen trees, flying debris and streaming rain driven by gale-force winds.
Homeowners and businesses in Louisiana and Mississippi are expected to file more than 116,000 claims, Jersey City, N.J.-based ISO said.
