2017 storms insurance

A total of 12,945 insurance claims totalling more than $918 million have been filed relating to the August floods and September hurricanes of 2017, according to a report from the Financial Services Commission.

Payouts so far total nearly $829 million, the report stated.

The total claims listed in the report, which only included claims specifically filed for the three disasters, was $918,546,495.91.

Irma represented the vast majority of that amount, at $826,460,864.86. Maria followed at $80,526,892.25 and the August floods at $11,261,556.60.

Of all claims, $828,827,882.20, or around 90 percent of the total, had been paid out as of March 31.

Breaking down all three disasters, the total is 9,539 claims for Irma, 3,034 claims for Maria and 372 claims for the August floods.

The total outstanding liabilities for all the disasters came to $88,424,308.31. This figure includes the amount insurers may owe due to claims that remain open.

Up from last September

A report issued in the third quarter of 2018 showed 12,127 claims filed for the three disasters as of Sept. 30, 2018, which means that 818 additional disaster-related claims have been filed since then.

The amount of payouts has also increased. The September report showed that $694,564,547.82 had been claimed at that time, with $746,032,874.11 paid out. In some instances, the report explained, total paid exceeded the total claims after claims were reopened and reassessed.

That adds up to $223,981,947.59 more in claims and $82,795,008.09 more in payouts between September 2018 and March 2019.

According to the report, more than 90 percent of the claims were closed as of March 31 of this year. Two percent of Irma claims remained open, alongside three percent of Maria claims and five percent of flooding claims. Last September, eight percent of Irma and Maria claims remained open, along with 24 percent of flooding claims.

Breakdowns

The report also included breakdowns of the types of claims for each disaster. In Irma, personal property/homeowner claims represented the most money claims, totalling $394,009,191.26. Commercial property claims were slightly less than that, totalling $348,259,679.20. The rest of the claims fell in the marine and motor vehicle categories, at $57,578,752.29 and $26,613,242.11, respectively.

For Maria, property claims were grouped into one category, totalling $68,555,860.00; motor claims totalled $7,825,254.00, and marine claims totalled $4,145,778.25.

 


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