One year later, insurers report 95 percent of Katrina claims in La. and Miss. settled

One year after Hurricane Katrina, the insurance in-dustry says that nearly 95 percent of homeowners insurance claims have been settled in Louisiana and Mississippi, insurance companies have paid billions in storm damage claims and the vast majority of homeowners in both states say they are satisfied with their insurance company.

TheInsurance Information Institute (I.I.I.), an insurer-supported research and information orgranization, estimates that more than 993,000 homeowners insurance claims filed with non-goverment entities have been settled in the two states, totaling nearly $15.5 billion.

Homeowners insurers ultimately will pay more than one million homeowners claims totaling $16.4 billion from Hurricane Katrina.

The I.I.I. estimate does not include claims filed with two government entities: Louisiana Citizens Property Insurance Corporation, the state-owned property insurance company of last resort, or claims for flood damage filed with FEMA’s National Flood Insurance Program.

The report also does not cover claims in Florida or other states.

In Louisiana, insurers have settled 658,700 homeowners claims or 94.8 percent of expected homeowners claims from Hurricane Katrina, totaling $10.3 billion, reported the I.I.I. In Mississippi, 334,800 or 94.3 percent of expected homeowners claims, totaling $5.2 billion, have been settled.

Some 99 percent of 305,000 claims from damaged vehicles totaling $2 billion have been settled in both states.

A new poll conducted by IPSOS Public Affairs also found 89 percent of homeowners in Louisiana and 93 percent in Mississippi are satisfied with their insurance company. The survey reported that four in five people (82 percent in Louisiana and 80 percent in Mississippi) who filed a hurricane-related claim are satisfied with the way it was managed by their insurer.

Source: I.I.I.