Mississippi Insurance Losses from Isaac Under $25 Million

Private insurers expect to pay more than $24.3 million in claims in Mississippi as a result of Hurricane Isaac, Insurance Commissioner Mike Chaney said.

Chaney said that as of Sept. 19, Mississippi’s 21 largest insurers had received 9,400 claims and paid $8.6 million.

That’s low compared Hurricane Katrina’s $41 billion in insured damage nationwide. Isaac is expected to cause up to $2 billion in losses in areas it passed through.

At least another 8,000 Isaac claims are expected to be filed, the Insurance Department said. The number doesn’t include claims in the federal flood insurance program or crop insurance.

Of private claims, about $16 million in expected from homeowners’ policies and about $3 million from automobile policies. Chaney said Mississippi Farm Bureau Casualty Insurance Co. and USAA are reporting the most claims.