Insurance companies have crossed the 10 billion dollar mark for claims related to the 2020 Hurricane Season.
Three hurricanes and two tropical storms made landfall in the 2020 season. Insurance Commissioner Jim Donelon said the historic season is the second-costliest in state history behind only 2005.
“It is a huge figure and represents just how devastating last year’s historic hurricane season was for us,” said Donelon. “Over 300,000 claims were filed and the companies are reporting that 65% have been closed with payment.”
68% of Hurricane Laura claims were closed with payment. 175,000 Hurricane Laura-related claims were filed.
Donelon said after only seeing 1% yearly rate increases for the past five years he is expecting somewhere between a 6-8% rate increase for homeowners by the end of the year.
Comments