Louisiana Department of Insurance Clarifies Insured Loss Estimate from Hurricane Katrina
A recent report by financial website Kiplinger rated Louisiana as the most disaster prone state in the nation. News reports on this story have cited loss estimates of $3 billion for Hurricane Katrina and $2 billion for Hurricane Gustav.
According to Property Claim Services estimates, Hurricane Katrina actually resulted in more than $25.4 billion in insured losses and Hurricane Gustav caused $2 billion in insured losses. These estimates do not include flood losses.
“Louisiana has historically been significantly impacted by natural disasters,” said Insurance Commissioner Jim Donelon. “While we are not surprised by this national report, it serves as a reminder of the importance of being adequately prepared and insured as we enter the peak of hurricane season next month.”