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Floods in Louisiana, limited impact on insurers

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Magazine Issue: 
Insurers facing the digital turning point [3]
Magazine date: 
Jul 2016

The floods that have heavily hit southern Louisiana since August 12, 2016 will have a limited impact on insurers. Louisiana is considered as one of the States where the number of flood insurance policies is the lowest. Out of a total of 2.02 million households, only 452 208 are covered by a flood policy under the National Flood Insurance Program (NFIP).

According to the broker Aon Benfield, the economic losses are estimates at1.5 billion USD to-date. The catastrophe caused the evacuation of 30 000 people and killed 13 others. We count 40 000 damaged or destroyed dwellings. As compensation, the affected persons will receive a first federal aid of 33 000 USD. This amount covers the replacement and repair fees of the damaged houses.

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Fri, 26/08/2016 - 13:29

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[5] http://www.atlas-mag.net/en/article/floods-1-to-16-billion-usd-for-insurers