The Nationwide Insurance Companies, who agreed to voluntarily reevaluate Hurricane Katrina slab cases in April, have paid an additional $25 million in claims payments since the reevaluation process began, according to Mississippi Insurance Commissioner George Dale.
Over 11,000 claimants filed with Nationwide in the three Mississippi coastal counties after Hurricane Katrina and the company has paid in excess of $300 million in claims to date. Of the claims filed, 641 were slab or near slab cases that were reevaluated. Of these 641 slab claims, 532 or 83 percent, have been resolved. Dale said negotiations are on-going regarding the remaining 109 slab claims.
Nationwide continues to write policies with wind coverage on the Mississippi Gulf Coast in some instances and under certain conditions.
“This is proof positive that the reevaluation process works, contrary to allegations voiced by headline seeking critics of the process. This company voluntarily went back and reviewed every slab claim they had, re-read every report filed, with new adjusters and as a result many of their policyholders received additional claims payments, even if their
claim had already been closed. I am extremely pleased that more and more coastal policyholders are finding closure and have had money placed directly into their hands so they may begin the long process of healing and rebuilding,” Dale said.
Dale added that his office is continuing to work with insurance companies daily to settle or reexamine their outstanding Katrina claims as well as working to bring new companies to write policies in Mississippi.
Source: Mississippi Insurance Department
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