Louisiana Insurers Have Paid or Reserved $12.1B on Ida Claims

Louisiana Insurers Have Paid or Reserved $12.1B on Ida Claims

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Louisiana Insurance Commissioner announced insurers have paid or reserved $12.1 billion on all types of Hurricane Ida-related claims in Louisiana through March 31. This data is the second measure of damage from Hurricane Ida, which struck the state on August 29, 2021, as a Category 4 storm and affected 25 parishes.

According to the Louisiana Department of Insurance, policyholders have filed 458,485 claims of all types from Hurricane Ida as of March 31, with 86% of claims closed. Of those claims, 286,588, or 63%, were closed with payment, garnering $8.5 billion in payments for damage caused by the hurricane.

The updated Ida information was generated from a data call issued by the (LDI) for all authorized property and casualty insurers to submit their claims data on Hurricane Ida. The data call was also issued to surplus lines insurers. The figures include claims from personal and commercial insurance. Claims and payment data from the National Flood Insurance Program is not included as it is not regulated by the LDI.

The LDI will continue collecting data from property and casualty insurers to monitor the claims process. The final deadline for data is October 7, 2022.

Source: LDI


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