Hurricane Katrina News

State Farm, Mississippi Settle Katrina Lawsuit for $12M

Mississippi has quietly settled its lawsuit against State Farm Fire and Casualty Co. for allegedly minimizing its Hurricane Katrina payments to policyholders, leaving the state to compensate homeowners. The settlement says the $12 million payment represents “restitution for damage, which …

State Farm to Pay $100 Million to Federal Government for Hurricane Katrina Claims

State Farm Fire and Casualty Co. and two former claims-adjuster sisters, who more than 16 years ago filed a lawsuit claiming the insurer committed fraud against the government’s National Flood Insurance Program following Hurricane Katrina, have settled. According to documents …

COVID-19 Loss of $44B Is 3rd Largest Catastrophe Cost to Insurers – Howden

LONDON–Insured losses of $44 billion from COVID-19 so far represent the third largest cost to insurers of any catastrophe, behind Hurricane Katrina and the 9/11 attacks, insurance broker Howden said on Tuesday. However, initial projections of $100 billion-plus for COVID-19 …

Ida v. Katrina in New Orleans: Fewer People, Better Levees, Smaller Storm Surge

Hurricane Ida and Hurricane Katrina in 2005 made landfall within 50 miles of one other and each carried 150 mph winds at one point, but the amount of death and destruction caused by the two storms was vastly different because …

As Ida Leaves Gulf, Analysts Foresee Modest Economic Damage

WASHINGTON (AP) — With more than 1 million customers in Louisiana and Mississippi having lost power, Hurricane Ida is sure to take a toll on the energy, chemical and shipping industries that have major hubs along the Gulf Coast. But …

Louisiana Could Make First Levee Debt Payment Without Loan

BATON ROUGE, La. (AP) — Rather than borrowing, Louisiana could make its first $400 million payment in cash to the federal government for upgrades made to the New Orleans region’s flood protection system after Hurricane Katrina, if lawmakers agree to …

Analysis: Louisiana Weighs Hefty Borrowing to Pay Levee Debt

BATON ROUGE, La. (AP) — After Hurricane Katrina, Louisiana delayed paying its debts for improvements to the federal flood protection system stretching across five parishes in the New Orleans area. The massive bill totaling as much as $3 billion is …

Oil Eases as Producers, Refiners Avoid Worst of Hurricane

NEW YORK — Oil prices inched lower on Friday as Hurricane Laura passed the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage and companies were beginning to restart operations. Brent crude futures for …

America’s Great Climate Exodus Is Starting in the Florida Keys

Lori Rittel is stuck in her Florida Keys home, living in the wreckage left by Hurricane Irma two years ago, unable to rebuild or repair. Now her best hope for escape is to sell the little white bungalow to the …

Quick-Cash, Risk-Swap Deals Multiply in Extreme Weather Era

Some of the world’s largest insurers are eagerly pitching cities, states and even school districts on policies designed to pay out quickly with few questions in the event of extreme weather. The catch: Even a hurricane might not be extreme …