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Hurricane Ida worth $10.5 billion in claims in Louisiana

On Behalf of | Feb 9, 2022 | Firm News, Insurance Law

Insurance carriers are often accused of not paying their customers the actual value to replace what was lost in a hurricane. Still, the $10.5 billion price tag for Hurricane Ida-related claims in damage here in Louisiana seems like a good start, even if the total damage of the storm is here is $18 billion. Compiled by Insurance Commissioner Jim Donelon, the claims total involves funds that insurers have paid or reserved through the end of 2021.

The Louisiana Department of Insurance (LDI) collected the information using data calls issued to all authorized property and casualty insurers in the state, including surplus lines insurers. While these figures include personal and commercial insurance claims, they do not include data from the National Flood Insurance Program, which is not regulated by the LDI.

By the numbers

The $10.5 billion in claims includes the following data:

  • There were 434,633 claims tied to Ida filed by December 31, 2021.
  • 83% of the claims are closed.
  • 60% of the closed claims (totaling 259,134) were paid.
  • The total amount paid was $6.5 billion.

Disputes are common

Customers and even the insurance carriers may not always understand insurance policy coverage. So, it is sometimes necessary to dispute coverage or the replacement cost. Fortunately, these matters can be resolved using mediation or litigating in a court of law. Those with questions can speak with someone who can guide claimants or carriers through the process.