Louisiana Citizens Property Insurance Corp. has received 17,059 claims from Hurricane Isaac. Ninety-seven percent of those claims have been inspected by company adjusters and 85 percent have been settled.
Loss payments through the second week of October totaled $57.8 million. Citizens expects the ultimate loss and adjustment expense from Isaac to reach $75 – $100 million. The company will be able to manage the storm’s financial impact through current cash reserves and reinsurance that covers the losses in excess of $75 million.
The quick response was due to enhanced capabilities instituted by the company. “Since hurricanes Katrina and Gustav, we have significantly enhanced our catastrophe claims adjusting capabilities,” said Quin Netzel, chief claims officer for Louisiana Citizens. “As a result, we have been able to respond to claims from Hurricane Isaac faster than at any time in our history.”
Louisiana Citizens utilized a network of more than 400 adjusters. Claims have generally been inspected within seven days of the report date and closed within 25 days. “Adjusters are working 7 a.m. to 7 p.m. for seven days a week to handle all the claims,” said Netzel.
The most common claim has been for wind damage to exterior roofing and corresponding interior water leakage. A significant number of claims (40 percent) have been closed because the damage was less than the special two percent or five percent hurricane deductibles.
Source: Louisiana Citizens Property Insurance Corp.
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