The Institutes

Insurers Increase Louisiana Hurricanes Cost Estimates by 25%

 Tuesday, May 18, 2021

 Reinsurance News

Insurers have increased their estimates of the cost of the three hurricanes that struck Louisiana by 25 percent since the end of last year, according to Louisiana Insurance Commissioner Jim Donelon.

Policyholders have now filed 311,266 claims of all types from the three storms through the first quarter of this year.

Of those, 192,045 claims, or 62%, were closed with payment as of March 31, garnering $6.9 billion in payments for damage caused by the three hurricanes.

Last year the Louisiana Department of Insurance (LDI) issued a ‘data call’ requiring all authorised property and casualty insurers, including surplus lines insurers, to submit their claims data on hurricanes Laura, Delta and Zeta in Louisiana at regular intervals until October 2021.

The 2020 storm season was the most active ever in Louisiana, with three hurricanes plus tropical storms Cristobal and Marco striking the state, as well as being the second most expensive for Louisiana behind the 2005 storm season.
BROWSE RELATED NEWS ARTICLES

The General Contractor Problem: Paying Overhead And Profit In First-Party Claims

 Monday, October 7, 2019

 Matthiesen, Wickert & Lehrer, S.C.

XL Group Estimates $1.33B Loss From Hurricanes Harvey, Irma And Maria

 Friday, October 13, 2017

 Canadian Underwriter