Lake Charles, LA (KPLC) – The latest insured loss tally for the 2020 hurricane season is available, and insurers have paid or set aside $ 10.6 billion to cover claims in Louisiana from hurricanes Laura, Delta and Zeta in the September 30, according to the latest data call from the Louisiana Department of Insurance.
The LDI said that, by law, policyholders have two years from the date of the storm to resolve claims before they have to take legal action to preserve their rights to continue negotiating.
Although the amount of insured losses may change slightly as policyholders complete their claims, the September 30 figures represent the fifth and final report to LDI quantifying damage from these hurricanes, according to LDI.
According to the LDI, policyholders have filed 323,727 claims of all types from the three storms up to the third quarter of this year.
Of those, 218,615 claims, or 68%, were closed with payment as of September 30, generating $ 8.6 billion in payments for damage from the three hurricanes, according to LDI. Insurers have set aside an additional $ 2 billion to pay claims resulting from these storms, LDI said.
“The people of our state suffered a devastating blow from the 2020 hurricanes, as these numbers attest,” said Insurance Commissioner Jim Donelon. “With the prices of labor and materials rising due to labor shortages and supply chain disruptions during and after the pandemic, I encourage all policyholders to continue to file additional claims if they find out that the cost to rebuild is higher than what they were paid for. “
The LTD said last fall it launched a data call requiring all P&C insurers, including excess line insurers, to submit their complaint data in Louisiana on Hurricanes Laura, Delta and Zeta through the third quarter of 2021. The numbers represent insurance claims for personal and business insurance, according to the LDI.
The LDI said those payments do not include claims or payments from the National Flood Insurance Program, which is not regulated by the Louisiana Department of Insurance.
They also don’t include uninsured losses and what people paid out of pocket to cover deductibles on their insurance policies, according to LDI. LDI said the total cost of the three storms is much higher.
Breakdown of LDI claims data:
· Insureds filed 177,691 claims against Hurricane Laura, which hit southwest Louisiana on August 27, 2020, as a severe Category 4 storm. As of September 30, insurers had closed 90% of claims from Hurricane Laura, 72% of which was closed with payment. Total losses paid plus reserves on reported claims for Hurricane Laura in late September stood at $ 9 billion, accounting for the vast majority of damage caused by the 2020 hurricane season in Louisiana.
· Policyholders filed 89,451 claims against Hurricane Delta, which made landfall in southwest Louisiana on October 9, 2021, as a Category 2 storm. By the end of September, insurers had closed 93% of all claims. Delta claims, and 63% of those claims were closed with payment. Insurers paid or set aside $ 875.5 million to cover losses related to claims reported for Hurricane Delta as of September 30.
· Insureds filed 56,585 claims following Hurricane Zeta, which made landfall in the parish of Terrebonne on October 28, 2020 and passed through the New Orleans area as a Category 3 storm. As of September 30, Insurers had closed 94% of reported Zeta claims, and 60% of those claims were closed with payment. Total losses paid plus reserves on reported claims were $ 629.3 million for Hurricane Zeta.
Data for 2020 hurricanes through September 30 are available at www.ldi.la.gov/datacallresults in tables and in an interactive map.
The LTD asks anyone having problems with their insurance claim to file a complaint with them by contacting www.ldi.la.gov/fileacomplaint or by calling the LTD at 1-800-259-5300.
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