State Farm Pays Additional $29.8 Million in Katrina Claim Re-Evaluations
From: Office of the State Insurance Commissioner Filed 8/13/07 GCN
Commissioner of Insurance George Dale announced today that State Farm Insurance Company, who agreed to voluntarily re-evaluate Hurricane Katrina slab cases in April, 2007, has paid more than $29.8 million additional dollars in claims payments since the re-evaluation process was undertaken.
As of today's date, there have been 934 requests for re-evaluation of slab claims in Harrison, Hancock and Jackson counties. Of those requests, 904 claims have been re-evaluated and an additional $23.7 million in settlement offers have been made to those policyholders. The company has paid out $13.9 million to 552 policyholders who have accepted the offer.
In regard to non-slab claims, 2,660 policyholders have requested re-evaluation. The company has re-evaluated 2,579 of those claims and has made offers totaling over $23.8 million. Some 1,591 policyholders have accepted those offers and have been paid over $15.9 million
"Despite the criticisms, the re-evaluation process continues to work toward helping Hurricane Katrina victims move forward. As I have stated before, there is no one process that is going to work for everyone and some individuals are going to have to endure lengthy litigation. However, as these numbers show, people are being helped everyday. It pleases me greatly each time I can report that more coastal policyholders are finding closure," said Commissioner of Insurance George Dale.
Commissioner Dale added that his office is continuing to work with insurance companies daily to settle or re-examine their outstanding Katrina claims as well as working to bring new companies to write policies in Mississippi. He stressed that it is a delicate and time-consuming process.
"My office will continue to work everyday to get more claims paid, encourage companies to write policies in Mississippi, and look for ways to bring down premium rates that are still higher than they should be. We are determined to help every policyholder on the Gulf Coast," said Commissioner Dale.