AP News

Citizens has settled 85 percent of Isaac claims


BATON ROUGE, La. (AP) — Louisiana's state-run property insurer of last resort says it's settled 85 percent of the more than 17,000 claims it received about damage from Hurricane Isaac.

The company — Louisiana Citizens Property Insurance Corporation — said Monday that it expects Isaac to cost between $75 million and $100 million.

Nearly $58 million has been paid out so far.

A large portion of the claims, 40 percent, didn't reach the damage threshold to top the hurricane deductible for properties. Citizens says the most common claim has been for wind damage to roofs and the water damage caused by the leaking roofs.

Citizens officials say they expect the company to be able to pay for Isaac claims through current cash reserves and reinsurance.


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus