Central Miss. Storms More Expensive Than Expected

April 17, 2003

Mississippi Insurance Commissioner George Dale announced that the recent storms that hit central Mississippi are turning out to be much more expensive than previously thought. Dale said preliminary numbers on the cost of the storm, which brought a combination of hail, wind and flood damage, are showing higher than expected losses.

The department compiled the following preliminary loss estimates from the leading writers of homeowners insurance in the state:
· State Farm and Casualty Co. reports 1,900 homeowner claims filed so far across Central Mississippi from flood to significant hail and wind. Nearly 800 auto claims have also been filed, the majority occurring in Jackson. State Farm reports significant losses from the storm estimated in excess of $15 million.
· Mississippi Farm Bureau Mutual Ins. Co. anticipates between 1,500 and 2,000 property claims totaling $6 million in damages, with most of the claims coming from a 40 to 50 mile corridor along I-10 across Mississippi. Copiah and Lincoln counties were also hard hit. Nearly 1,000 auto claims totaling about $2.5 million, mostly from hail damage, are expected.
· Allstate Ins. Co. reports 150 auto and 452 property claims occurring throughout the state’s central area.
· Nationwide Mutual Fire Ins. Co. reports 660 homeowner claims, eight commercial and 204 auto claims. Seventy-five auto flood claims were also filed.
· Metropolitan Life has had 45 auto claims and 255 homeowner claims with a preliminary loss estimate of $1.5 million.
· Shelter Mutual Ins. Co. reports 121 auto claims and 351 property claims.
· Farmers Ins. Exchange has had 330 property claims in the Jackson area with an estimated payout of $1.1 million. An additional 80 auto claims totaling $500,000 were reported.
· Alfa Ins. Corp. reports 400 auto and property claims at a projected cost of $1.1 million. Additional claims are expected.
· Foremost Signature Ins. Co. has had 150 individual claims, totaling about $500,000.

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