Insurers face reluctant to risk giving the storm a great coup
Hurricane Katrina to reduce housing foundations, pulled alongside cars and buildings with winds up to 130 km / h, and a quarter of all left under water.
Two years later, insurers have paid $ 40.6 billion and has left more than 98 per cent of requests for information from the Insurance Institute, a non-profit group of trade in New York.
Insurers across the country and Columbus still struggling appeals of the storm and working conditions for other homeowners and auto insurance claims. More than 2 percent of Katrina-related insurance claims, either in litigation or mediation, said the group.
Suprarégional is the fourth largest owner and the sixth largest auto insurer in the nation, said it has more than 99 percent of claims related to Katrina. Companies Columbus paid $ 300 million to about 20000 homeowners, car and commercial claims in Mississippi.
Far federal bat again on 50 of 137 “Katrina” any action against him after the storm. The company would not say how much it costs, on appeals defend.
Most disputes over water include damage in coastal areas of Mississippi. Owners policy does not cover flood losses.
State car is also campaigning two “Katrina” in connection with the process, both in regard to “a difference of opinions differ regarding the amount of injury,” said Gene Roberts, Assistant Vice President and Director of Operations State debt for the car. The company said it has spent approximately $ 28000 defence costumes.
Once a complaint is filed, it may take several years to resolve, “said Roberts.
State car had $ 25.7 million in 2112 losses of industrial property, automobile and homeowners insurance rights, especially in Mississippi.
Some motorists had the assurance of $ 5.3 million in losses from Katrina, which has invested money in mutual reinsurance Bureau, a reinsurance company. Reinsurance is insurance for insurers, for their assistance, costs related to catastrophic losses. Motorists have no insurance direct losses from the storm and had no recourse against him.
“Katrina” generates the greatest loss in the history of insurance, but “in financial terms, has fully recovered from industry,” said Donald Light, senior insurance analyst Celent, research and consulting companies . “2006 was a very good year for the industry, partly because in a risk premium for natural disasters, which are not happen.”
But the storm has a deep mark in the industry is changing significantly the way insurers.
The memory (of Katrina) is deeper and deeper into the stone and mental health sector is increasingly influential on how insurers approach risk, “said Robert Hartwig, president and chief economist the Insurance Information Institute.
Far federal stopped written policy in Florida and more than 25000 cancelled after the green light to a 54 percent increase.
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