Revealed – Billions of Dollars in Premiums for Ida in One State Alone

Insurers paid or were due to pay $13.9 billion in claims related to Hurricane Ida in the state through September 30, 2022, according to a release from the Louisiana Department of Insurance (LDI). .

Hurricane Ida hit Louisiana on August 29, 2021, becoming a Category 4 storm and affecting a total of 25 parishes.

LDI reports that policyholders have filed 478,417 claims of all types due to Hurricane Ida as of September 30. Of those claims, about 319,855 (67%) have been paid, equivalent to his $10.9 billion payout for hurricane damage.

LDI said the updated Ida information was generated from data calls it issued to all licensed property and casualty and surplus line insurers operating in the state. Figures include claims from both personal and commercial insurance, but do not include claims and payments data from the National Flood Insurance Program.

“Policyholders who feel their claims have not been adequately resolved by their insurance company can call 800-259-5300 to file a complaint,” said the Louisiana insurance commissioner. One Jim Donnellon said: “Policyholders should know that they have the right to file a supplemental claim if they find additional damage or if the initial payment becomes insufficient to cover the loss due to increased material costs. I have.”

read more: Louisiana regulator proposes $20 million plan to fund insurance incentive programs

LDI previously proposed creating a $20 million incentive fund to attract more insurance companies to the state. Donelon said the $20 million will come from overages LDI makes from charging insurance companies license fees and other business costs.

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