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Insurers Paid $40 Billion in Katrina Storm Claims.
Washington -- The Insurance Information Institute disputes claims that homeowner insurers have reneged on policy obligations in the wake of Hurricane Katrina, saying the industry has settled, without dispute, "nearly all" of the 1.7 million claims, totaling $40.6 billion, from Hurricane Katrina. The institute claims that fewer than 2% of claims from Louisiana and Mississippi following the hurricane were in litigation or mediation.
That accounted for the bulk of 2005's total $57.1 billion in hurricane-related claims from 3.3 million policies. The institute notes that seven of the 10 most expensive hurricanes ever to strike the U.S. occurred during a 14-month interval between August 2004 and October 2005.
Robert Hartwig, president and chief economist at the III, said in testimony before a congressional panel that with the frequency and severity of hurricanes expected to rise, the insurance industry has strengthened its catastrophe response capabilities to more quickly reach customers in the wake of mega-catastrophes. He noted that Hurricane Katrina disrupted the infrastructure of an entire region.
Mr. Hartwig also disputed allegations that insurers have been frequently in dispute with policyholders about coverage.
"Insurance companies strive to settle claims without any disputes with their customers. And the record is clear that in the overwhelming number of ...
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Source: HighBeam Research, Insurers Paid $40 Billion in Katrina Storm Claims.