Reinsurance News

Insurance claims in Louisiana from Hurricane Ida reach $13.1 billion

2nd August 2022 - Author: Luke Gallin

Insurance claims in Louisiana from damage related to last year’s Hurricane Ida have exceeded $13 billion through June 30th, 2022, according to Insurance Commissioner Jim Donelon.

hurricane-ida-louisianaPolicyholders have filed 460,709 claims of all types from Hurricane Ida, of which 65%, or 299,440 were closed with payment, resulting in $9.8 billion in payments for damage caused by the event.

In total, insurers and now paid or reserved to pay $13.1 billion on all types of Ida-related claims in the state.

This is the third measure of damage from the storm and represents an increase from the previous $10.5 billion figure reported in early February, when policyholders had filed 434,633 claims.

This updated information was generated from a data call issued by the Louisiana Department of Insurance (LDI) for all authorised property and casualty and surplus lines insurance firms to submit their claims data on the storm.

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The figures provided include claims from both personal and commercial insurance. While claims and payment data from the National Flood Insurance Program is not included as it is not regulated by the LDI.

Hurricane Ida battered Louisiana on August 29th, 2021, as a Category 4 storm which impacted 25 parishes, after making a prior landfall in the Caribbean.

“If inflation or the discovery of previously unknown damage caused the cost of your repair to increase since you received the initial payment from your insurance company, you have the right to file a supplemental claim,” said Donelon.

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