LA | Insurers have increased their estimates of the cost of the three hurricanes that struck Louisiana by 25 percent since the end of last year, Insurance Commissioner Jim Donelon said.
Insurance companies now expect to pay $9.6 billion on claims of all types from hurricanes Laura, Delta and Zeta in Louisiana, up from $7.7 billion at the end of last year, according to the latest round of information from insurers quantifying paid and reserved losses through March 31.
Policyholders have now filed 311,266 claims of all types from the three storms through the first quarter of this year. Of those, 192,045 claims, or 62%, were closed with payment as of March 31, garnering $6.9 billion in payments for damage caused by the three hurricanes.
“This data underscores just how devastating the 2020 storm season was in Louisiana,” Commissioner Donelon said. “The increase in the reserves backs up what I’ve been counseling policyholders about their claims – it isn’t a one-shot deal. If you find additional damage or increased costs after your original claim, you can file supplemental claims until your repairs are complete, as there is no release applicable to first party claims except under unique circumstances.”