Insurers reserved to pay $14 bn on all types of Hurricane Ida-related claims

Insurers have paid or reserved to pay $13.9 billion on all types of Hurricane Ida-related claims in Louisiana.

The updated Ida information was generated from a data call issued by the Louisiana Department of Insurance (LDI) for all authorised property and casualty insurers and surplus lines insurers to submit their claims data on Hurricane Ida.

Policyholders have filed 478,417 claims of all types from Hurricane Ida as of September 30, with 319,855, or 67%, closed with payment, garnering $10.9 billion in payments for damage caused by the event.

LDI notes that this data is the final measure of damage from Hurricane Ida, which struck the state on August 29, 2021, as a Category 4 storm and affected 25 parishes.

The figures include claims from personal and commercial insurance, with claims and payment data from the National Flood Insurance Program not included as it is not regulated by the LDI.

Policyholders need to know they have a right to file a supplemental claim if they find additional damage or if the increased cost of materials made the initial payment insufficient to cover the loss.

Policyholders are welcome to call in and file a complaint should they feel their claim has not been properly resolved by their insurer.

by Yana Keller