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Cost of Laura, Delta, Zeta Insurance Claims Up to $7.7B in Louisiana

2021-01-27 17:17:34
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Through the end of 2020, property / casualty insurers have paid or set aside $ 7.7 billion for all types of claims in Louisiana through the end of 2020 from Hurricanes Laura, Delta and Zeta, the state insurance department reported.

This data represents the first measure of damage from all three hurricanes to hit the state in the record 2020 season, according to the Louisiana Department of Insurance.

Policyholders filed 290,847 claims from all types of the three storms on December 31. Of these, 161,704 claims, or 56%, were closed in class payments of up to $ 5 billion.

The information was generated from a data call to all licensed property / accident insurers, including redundant line insurers, to submit their Hurricane Laura, Delta and Zeta claim data. Figures include claims from personal and commercial insurance policies.

They do not include claims or payments from the National Flood Insurance Program, which is not regulated by the Louisiana Department of Insurance.

FEMA recently reported that the NFIP has paid out more than $ 110 million in flood claims to 3,249 Louisiana policyholders for damage from Delta and Laura alone.

Children walk through mud in Holly Beach, La., Amid devastation in the wake of Hurricane Laura on Aug. 29, 2020. (AP Photo / Gerald Herbert)
Laura

Policyholders have filed 169,891 claims of Hurricane Laura, which hit Southwest Louisiana on August 27 as a Category 4 storm. The parishes of Calcasieu, Rapides, Beauregard, Ouachita and Vernon had the most claims from the storm.

As of December 31, 2020, insurers had closed 77% of Hurricane Laura's claims, of which 59% with payment. Total losses paid plus reserves on reported claims from all investigated insurance lines for Hurricane Laura at the end of 2020 were $ 6.6 billion, accounting for the vast majority of damages from the record-breaking 2020 hurricane season in Louisiana.

Delta

Policyholders have filed 71,945 claims from the Hurricane Delta, which made landfall in southwestern Louisiana on October 9 as a Category 2 storm. The parishes of Calcasieu, Lafayette, Acadia, East Baton Rouge and St. Landry made most of the claims from into the storm.

At the end of 2020, insurers had concluded 82% of all Delta claims and 53% of those claims had concluded with payment. Insurers have paid or set aside $ 556 million to cover the losses of reported claims from all of the insurance lines investigated for the Hurricane Delta in late 2020.

Zeta

The results of the data call also include initial claims figures from Hurricane Zeta, which made landfall in Terrebonne Parish on October 28 as a Category 2 storm. Policyholders have filed 49,011 claims up to the end of the year. Most of the claims came from the parishes of Jefferson, Orleans, St. Bernard, St. Tammany and Lafourche.

Insurers closed 79% of reported Zeta claims and 46% of those claims closed with payment. Total losses paid plus reserves on reported claims of all insurance lines examined were $ 499 million for Hurricane Zeta at the end of 2020.

Data for the hurricanes from 2020 to December 31 can be found at www.ldi.la.gov/datacallresults.

The LDI will continue to collect data from property / casualty insurers to monitor the claims process. The last deadline for data is October 8, 2021.

Source: LDI

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