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You are at:Home » Louisiana Audit Shows Hurricanes Led to Increase in Insurance Complaints
Louisiana Audit Shows Hurricanes Led to Increase in Insurance Complaints

Louisiana Audit Shows Hurricanes Led to Increase in Insurance Complaints

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By admin on May 24, 2022 Insurance

Residential property. complaints towards Louisiana insurance coverage firms skyrocketed within the aftermath of 2020 and 2021 hurricanes, in line with a report launched this month by the Louisiana Legislative Auditor.

The Louisiana Division of Insurance coverage (LDI) obtained 21,143 complaints within the calendar years 2017 via 2021, with 7,941 (37.6%) of complaints referring to insurance coverage for residential properties.

Residential property complaints ranged between 428 and 452 between 2017-19, then elevated to 1,356 in 2020 and to five,264 in 2021.

The rise in residential property complaints correlated with elevated hurricane frequency and depth in 2020-21 in comparison with the prior three years. Louisiana skilled Hurricanes Laura (Class 4), Delta (Class 2) and Zeta (Class 3) in 2020 and Hurricane Ida (Class 4) in 2021. Between 2017-19, Louisiana didn’t expertise a hurricane of a power larger than Class 1.

Ida resulted in 339,193 claims and 4,025 complaints. 1.2% of Ida claims resulted in a grievance. Comparatively, Laura led to 133,315 claims and 1,392 complaints. Ida affected double the quantity of inhabitants as Laura.

95.7% of the 5,833 residential property complaints from 2020 and 2021 hurricanes have been related to policyholders’ dissatisfaction with how their claims have been dealt with. Declare delay accounted for 53.4% of complaints, adopted by unsatisfactory settlement / supply (28.7%), declare denial (17.7%), adjuster dealing with (17.3%) and different (4.9%) similar to complaints associated to project of advantages, insurers not complying with attraction procedures, and many others.

96.8% of residential property complaints associated to 2020 and 2021 hurricanes have been filed towards insurance coverage firms. Criticism outcomes have been favorable to the complainant 63.9% of the time.

Subjects
Catastrophe
Natural Disasters
Trends
Louisiana
Hurricane

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