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Two insurers bankrupted by hurricane Ida in Louisiana

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Magazine Issue: 
Tomorrow’s reinsurance [3]
Magazine date: 
Dec 2021

bankruptcyIn November 2021, the insurance department of Louisiana (USA) acquired two local insurers which underwent bankruptcy due to hurricane Ida.

Access Home Insurance and State National Fire Insurance had received claims totaling 250 million USD while only 156 million USD of funds were available.

The Louisiana Insurance Guaranty Association (LIGA) is now in charge of covering 100 million USD owed by the two insurers deemed insolvent.

It is expected that hurricane Ida which hit Louisiana hard on 29 August 2021 could cause insured losses ranging between 20 and 40 billion USD.

Read also | Top 10 most costly hurricanes [4]

Tue, 07/12/2021 - 16:21

Source URL: https://www.atlas-mag.net/en/article/two-insurers-bankrupted-by-hurricane-ida-in-louisiana

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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-186-december-2021
[4] https://www.atlas-mag.net/en/article/top-10-most-costly-hurricanes-in-terms-of-insured-losses