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Nationwide Insurance Pays Additional $25 Million in Katrina Slab Claims
From: Office of the State Insurance Commissioner        Filed 6/27/07  GCN

Commissioner of Insurance George Dale announced today that The Nationwide Insurance Companies, who agreed to voluntarily reevaluate Hurricane Katrina slab cases in April, 2007, has paid more than $25 million additional dollars in claims payments since the reevaluation process was undertaken.

Nationwide had over 11,000 claims filed in the three Mississippi coastal counties after Hurricane Katrina and has paid in excess of $300 million in claims. Of the claims filed, there were 641 slab or near slab cases that were reevaluated. Of these 641 slab claims, 532 have been resolved which would indicate a success rate of approximately 83%. With regard to the remaining 109 slab claims, negotiations are on-going thus far.

Nationwide continues to write policies with wind coverage on the Mississippi Gulf Coast in some instances and under certain conditions.

"This is proof positive that the reevaluation process works, contrary to allegations voiced by headline seeking critics of the process. This company voluntarily went back and reviewed every slab claim they had, re-read every report filed, with new adjusters and as a result many of their policyholders received additional claims payments, even if their claim had already been closed. I am extremely pleased that more and more coastal policyholders are finding closure and have had money placed directly into their hands so they may begin the long process of healing and rebuilding," said Commissioner George Dale.

Dale added that his office is continuing to work with insurance companies daily to settle or reexamine their outstanding Katrina claims as well as working to bring new companies to write policies in Mississippi.

"It is a delicate and time-consuming process, as illustrated by our work with Nationwide. We worked with them for months and thanks to our determination and perseverance over 500 more coastal policyholders can move on. We plan to use that same determination to help every policyholder on the Gulf Coast," said Dale.

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