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Hurricanes bankrupting insurers in Louisiana

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Magazine Issue: 
Earthquake: natural disaster and risk management [3]
Magazine date: 
Mar 2023

bankruptingBetween July 2021 and February 2023, twelve insurers operating in Louisiana were declared insolvent. The reasons for this bankruptcy lie in the substantial claim amounts to be paid out following Hurricane Laura in 2020 and Hurricane Ida in 2021.

Both hurricanes have caused insured losses amounting to 23 billion USD, 9.1 billion USD for Laura and 13.9 billion USD for Ida.

On top of these two disasters, hurricanes Delta and Zeta made landfall in Louisiana in October 2022 and cost the region's insurers 1.5 billion USD.

Read also | Nat-Cat insurance rates to go up by 2050 [4]

Fri, 31/03/2023 - 14:00

Source URL: https://www.atlas-mag.net/en/natural-disasters/2020-and-2021-hurricanes-bankrupting-insurers-in-louisiana

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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-199-march-2023
[4] https://www.atlas-mag.net/en/natural-disasters/nat-cat-insurance-rates-to-go-up-by-2050