Insurers are expected to pay $335 million to homeowners and businesses for insured-property losses from Hurricane Lili that struck Louisiana and Mississippi on October 3, according to estimates by the Insurance Services Office, Inc.‘s (ISO) Property Claim Services (PCS) unit.
Lili, initially billed as a Category 4 hurricane, was downgraded to a Category 2 storm with wind speeds near 100 miles an 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. Gale force winds, downed trees and flying debris caused much of the property damage as did rain streaming inside many homes and businesses.
