It Figures

$1 Million

The amount a federal judge has ordered jailed Alabama outdoorsman Edmond H. “Eddie” Smith IV to pay to an insurance firm that accused him of filing a bogus post-Hurricane Katrina damage claim for a riverfront mansion near Mobile. Lexington Insurance Co. sued Smith in May. U.S. District Judge William Steele granted Lexington’s request for a default judgment for a little over $1 million.

2%

The surcharge that Floridians with homeowner, commercial and liability insurance polices will pay to help cover claims against four insurers that went belly up after a series of hurricanes in 2004 and 2005. Insurance Commissioner Kevin McCarty agreed to the surcharge, which also applies to medical malpractice and aircraft policies. The surcharge — the third in the last 15 months — for the first time will apply to customers of the state-created Citizens Property Insurance Corp. The assessment is expected to begin appearing on customers’ bills in March as policies renew and is expected to raise $315 million to help pay claims for the failure of the Tampa-based Poe Financial Group’s three insurers – Atlantic Preferred, Florida Preferred and Southern Family Insurance – and a fourth small company, Vanguard.

10%

The average homeowners insurance savings in the works for Allstate customers in West Virginia. Allstate officials also said they have ambitious plans for expansion in the state. They plan to start hiring new agents. Allstate is the fourth-largest provider of homeowners’ insurance in West Virginia. In 2006, Allstate had 5.9 percent of the market, behind Erie, Nationwide and market leader State Farm, which has more than 26 percent of the market.

$4.9 Million

The amount paid in medical malpractice lawsuits in Tennessee in 2006, which was down from 2005, according to a state Department of Commerce and Insurance report. Total damages paid in settlements dropped to $100.2 million in 2006, down from $141 million in 2005. The report noted 85 percent of the state’s malpractice claims last year resulted in no payment of damages.