LILI DAMAGE ESTIMATED AT $335M

Insurance Services Office Inc.’s (ISO) Property Claim Services (PCS) unit estimated that insurers will likely pay $335 million to homeowners and businesses for insured-property losses from Hurricane Lili that struck Louisiana and Mississippi in early Oct. Lili, initially billed as a Category 4 hurricane, was downgraded to a Category 2 storm with wind speeds near 100 miles an hour, when it made landfall near New Iberia in southern Louisiana. Heavy rain exacerbated flood conditions that persisted following Tropical Storm Isidore, which had struck Louisiana the previous week. Homeowners and businesses in Louisiana and Mississippi are expected to file more than 116,000 claims. Louisiana accounted for $320 million in damages from 112,700 claims to personal and commercial property, and automobiles. Personal property claims constituted the vast majority—over 80 percent, or nearly 95,000 claims—of the anticipated 116,000 claims.

Topics Louisiana