Katrina at Two Years: $40.6 Billion Paid on 1.7 Million Insurance Claims
National News • August 7, 2007
Two years later, the "overwhelming majority of claims" in Gulf Coast states from Hurricane Katrina have been settled in what has been the single largest loss — $40.6 billion — in the history of ...
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Subject: RE: RE: Where's the news about how terrible we are?
Posted On: August 7, 2007, 10:29 am CDT
Posted By: Anon
Comment:
Okay... let's start with your numbers. You say thousands... should we say that's 3000? 4000? Let's go 5000. That's .3% of the total claim volume according to this article. A .3% defect rate on something of this magnitude is unfortunate but just about unavoidable unless companies flew over the catastophe area with the back door open on a C-130 and just pushed barrels of money out.
Most of the debate has centered around how much the company was responsible for paying on wind damage when the entire structure was a loss due to flooding. When the house isn't there anymore the adjuster had to make the determination if wind pushed it off the foundation or if flood waters were responsible.
Thankfully the courts reasonably interpreted that a flood caused by levee failure is still a flood. Some debate centered around storm surge, yes. Was it wind driven water, thats a matter of interpretation.
As for 100%... that sounds highly unlikely. Where are you getting that figure from?
Subject: RE: RE: Where's the news about how terrible we are?
Most of the debate has centered around how much the company was responsible for paying on wind damage when the entire structure was a loss due to flooding. When the house isn't there anymore the adjuster had to make the determination if wind pushed it off the foundation or if flood waters were responsible.
Thankfully the courts reasonably interpreted that a flood caused by levee failure is still a flood. Some debate centered around storm surge, yes. Was it wind driven water, thats a matter of interpretation.
As for 100%... that sounds highly unlikely. Where are you getting that figure from?