Insurance Response
The Insurance Information Institute reports that Hurricane Katrina was the costliest disaster in the history of insurance. It said that the insurance industry paid $41.1 billion ($45.1 billion in 2009 dollars) and more than 1.7 million claims – across six states. Some 15,000 claims adjusters from across the country were called in to handle the record number of claims for damage to homes, businesses and vehicles. Louisiana accounted for 63 percent of insured losses and Mississippi accounted for one-third. In addition, the federal government-operated National Flood Insurance Program (NFIP) paid out $16.1 billion in claims from flooding. Damage from flooding, including storm surge from a hurricane, is covered by the NFIP, but is not covered under standard homeowners insurance policies. The Institute also said another $2 billion to $3 billion of insured damages occurred at off-shore energy facilities.
Read more about this topic: Economic Effects Of Hurricane Katrina
Famous quotes containing the words insurance and/or response:
“... business training in early life should not be regarded solely as insurance against destitution in the case of an emergency. For from business experience women can gain, too, knowledge of the world and of human beings, which should be of immeasurable value to their marriage careers. Self-discipline, co-operation, adaptability, efficiency, economic management,—if she learns these in her business life she is liable for many less heartbreaks and disappointments in her married life.”
—Hortense Odlum (1892–?)
“Eyes seeking the response of eyes
Bring out the stars, bring out the flowers,
Thus concentrating earth and skies
So none need be afraid of size.
All revelation has been ours.”
—Robert Frost (1874–1963)