Louisiana Insurance Commission Recovers $22M For Consumers
Wednesday, February 3rd, 2021 Legislation & Regulation Life & Health PropertyAfter hundreds of complaints about insurance providers to the Louisiana Department of Insurance mostly related to hurricane season damages, the state recovered more than $22 million for policy holders in 2020.
All of the money recovered is more than what insurance companies initially offered policy holders for damages.
By comparison, in 2019 the state recovered $6.3 million tied to complaints against insurance companies ranging from life and annuities to property and casualty policies.
More than 75% of the complaints and money recovered last year stems from the fourth quarter, after three hurricanes made landfall in Louisiana causing billions in damages.
Insurance companies paid more than $7.7 billion for damages from hurricanes Laura, Zeta and Delta across Louisiana.
