Survey predicts insurer $ 34.4B in Katrina Claims
Hurricane Katrina (search) will probably reach at least 34.4 billion dollars in private and commercial property loss claims publication of the first survey of the nation’s insurer.
ISO’s (search) Property Claim Services Unit said Tuesday that the provisional estimate of damage to homes and businesses in six countries would make Katrina the most costly natural disaster in the USA forever, and that inflation exceeded 20.8 billion cleans losses from Hurricane Andrew in 1992.
Several companies risk assessment earlier released projections of insured damage Katrina, with a sum of $ 14 billion to 60 billion dollars.
The ISO’s Tally includes expected losses for personal insurance and commercial property, including boats and vehicles, exploitation bursting additional coverage and cost of living. Communicated damaged to insured onshore oil facilities is ISO officials said.
The estimates exclude losses of supply companies, agriculture, aircraft, oil rigs offshore and property insured under the Federal Flood Insurance Program.
Also Tuesday, the Securities and Exchange Commission (search) said that it was the facilitation rules for insurance companies for the acquisition of capital, in response to the concern that the billions of dollars losses from Hurricane Katrina and Rita, it might be difficult for insurers to pay victims claims.
ISO, a risk and insurance companies headquartered in Jersey City, NJ, said that policyholders in the six affected States - Louisiana, Mississippi, Alabama, Florida, Tennessee, Georgia - was expected to file more 1.6 million requests for damage to personal property and commercial vehicles and boats and yachts.
“The loss of personal property are nearly 75000 applications boats and yachts in the States concerned, with an estimated insured value of just under $ 2 billion,” the ISO report said.
The report said that Louisiana, the state worst hit, if Katrina is the case in the country August 29, it was expected to produce about 900000 requests 22.6 billion dollars in losses.
There were these estimates for countries neighbouring Mississippi, 490000 applications for $ 9.8 billion, Alabama, 123000 requests $ 1.3 billion, Florida 110000 requests $ 468 million; Tennessee, 8400 applications from 46.1 $ Million and Georgia, 3300 requests $ 22.2 million.
The report said that insurers were still appraisal losses and notes that access to damage parts of Louisiana has been compounded by floods. He also said the screening of owners, was evacuated as difficult.
ISO says it does resurvey insurers in 60 days, as many of us and fees are closed update their findings.
The SEC said in its announcement that it has, among other things, allow insurance companies listed on the stock exchange to introduce reduced administrative burdens for the inclusion of new issues with components of the Agency.
“The SEC is always ready to do everything possible for victims of Hurricane Katrina and Hurricane Rita,” the Agency Christopher Cox, the president said in a statement. … We will ensure that our legislative process not to disrupt market access. SEC will do what it can to ensure that all victims of insurance, the capital, up around him and he is not unnecessary delays payment of fees due to the absence of “money available.
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