02/03/2022
Part of an article that came out from the Louisiana insurance commission.
"Insurers have paid or reserved $10.5 billion on all types of Hurricane Ida-related claims in Louisiana through the end of 2021, Insurance Commissioner Jim Donelon announced today. This data represents the first measure of damage from Hurricane Ida, which struck the state on August 29, 2021, as a Category 4 storm and affected 25 parishes.
Policyholders have filed 434,633 claims of all types from Hurricane Ida as of December 31, with 83% of claims closed. Of those claims, 259,134, or 60%, were closed with payment, garnering $6.5 billion in payments for damage caused by the hurricane."
A little food for thought. The insurance industry reserved 10.5 BILLION. They have closed out 83% of their claims. Paying out 6.5 BILLION to insureds. This means 1 of 2 things.
1. The insurance company is going to be paying out 4 BILLION to the 17% of open claims.
OR
2. There is a large amount of people who did not hire representation and the insurance company took advantage of them to save money.
With what we have seen first hand, it is option 2. We have settled claims at 1,300% to 1,700% more than what the insurance originally offered. When is the last time you ever thought to yourself. “The insurance company needs this money more than me. I have no problem leaving thousands of dollars in their pocket and coming out of my own for repairs.”. If you are ever wondering why Public adjusters are needed here is a perfect example. To top it all off, the reserves usually set are much lower than what they should be to begin with. If everyone hired a Public Adjuster the reserve would be closer to 15-20 Billion.
