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Insurance Commissioner Pledges Continued MID Dedication on Katrina Anniversary
94.3 Percent of Homeowners Claims Stemming from Katrina Settled

 

From: State Insurance Commission        Filed 8/28/06   GCN

 

Jackson-Insurance Commissioner George Dale, Aug 28, pledged that the Mississippi Insurance Department (MID) will continue to dedicate itself to getting as many Hurricane Katrina claims paid as possible. Citing a report from the Insurance Information Institute that 94.3 percent of homeowner claims filed in Mississippi have been settled, Dale is urging consumers and insurance companies to continue working together to settle the remaining claims.


"It is that other 5.7 percent of claims that concerns me most. I want all claims paid as quickly as possible so people can continue to begin rebuilding their lives. Katrina was a terrible tragedy for Mississippi, but I am confident that Mississippians, being as resilient as they are, will come back stronger than ever.  As we mark the one year anniversary of Katrina's invasion into our lives I ask consumers and insurance companies to continue finding ways of settling claims. I strongly urge anyone who has not participated in the MID Hurricane Katrina Mediation program to try mediation. And while that will help solve some of the short term problems such as claims payments, we must continue working together with consumers, the insurance industry, and state and federal legislators to find solutions to long term insurance problems illuminated by this storm. We all want the same things for people living in disaster prone areas of Mississippi, for there to be affordable insurance available to everyone," Dale said.

 

Dale also encourages all Mississippians to continue their vigilance during the 2006 Hurricane season and to follow guidelines in the MID Hurricane Checklist brochure, available on the MID website (www.doi.state.ms.us) to make sure they are fully prepared the next time a storm threatens the Mississippi Gulf Coast.

 

To mark the one-year anniversary of Hurricane Katrina the Mississippi Insurance Department is releasing the following: 

Katrina: By the Numbers


* 14 * the number of bulletins issued by the MID instructing insurance companies and agents on the handling of claims and other Katrina issues* addressing suspension of cancellations, public adjuster registration, physical examination of claims, extension of coverage, statute of limitations on insurance contracts- 2- the number of regulations passed to assist during Hurricane Katrina and recovery * a.- establishing the Hurricane Katrina Mediation Program (which was later amended into a permanent mediation program) and b.* requiring insurers to inform policyholders of flood and earthquake exclusions in homeowners and/or Windstorm residential policies

* 483,693 * $10,552,356,484 -the number of claims filed and the amount paid out in claims for Hurricanes Katrina and Rita statewide as of August 1, 2006 (includes Insurance Companies,  Mississippi Residential Property Insurance Underwriting Association, Mississippi Windstorm Underwriting Association, and the National Flood Insurance Program)

* 236,372 *$7,622,989,516 -the number of claims filed and amount paid out in claims in Hancock, Harrison, and Jackson counties for Hurricanes Katrina and Rita as of August 1, 2006 (includes Insurance Companies, Mississippi Residential Property Insurance Underwriting Association, Mississippi Windstorm Underwriting Association, and the National Flood Insurance Program)

* 83% - the current settlement success rate for the MID Hurricane Katrina Mediation Program *- 2960 * the number of requests for mediation filed through the MID  Hurricane Katrina Mediation Program * 1790 * the number of mediation cases settled through the MID Hurricane Katrina Mediation Program * as of August 18, 2006

* 55,000 * the approximate number of Katrina related calls taken by the MID Consumer Services Division since 8-29-05 (does not include Katrina related calls taken by other MID staff)

* 16,000 - $10,570,000 * the number of claims directly handled and claims payments collected for consumers by the MID Consumer Services Division between 8-29-05 and 7-31-06 utilizing approximately 25,000 man-hours by MID Consumer Services staff and 8,400 volunteer man-hours from employees of other state insurance departments across the country

* Top Five * Mississippi's ranking in flood insurance policy growth in the country following 8-29-05 *The growth rate for Mississippi in the past 12 months * 51% according to the National Flood Insurance Program

* 18,891-$2,354,660,628 the number of flood claims filed and amount paid out for flood claims in Mississippi as of August 1, 2006

* 19 * the number of members of the State Fire Academy staff Search and Rescue team that were the first on the ground in Waveland following the storm