Louisiana hurricane losses from 2020 hit $10.6bn amid labor shortages
Insured losses in Louisiana from the 2020 hurricane season have risen to $10.6bn, according to the latest date released by the Louisiana Department of Insurance (LDI).
The loss date relates to claims paid or reserved in relation to hurricanes Laura, Delta and Zeta, which tore through the southern state last autumn.
The latest claims tally marks an increase of $600mn from the last data set released by the LDI in August, which pegged losses at $10bn.
Insurance commissioner Jim Donelon said that labor and material prices were rising because of labor shortages and supply chain issues, and he urged policyholders to continue filing supplemental claims if they discovered that rebuild costs exceeded what they had been paid.
“Residents of our state suffered a devastating blow from the 2020 hurricanes, as these figures attest,” he added.
The 2020 storm season was the most active ever in Louisiana, with three hurricanes and two tropical storms striking the state.
A total of 323,727 claims of all types were filed through the third quarter of this year, 68% of which were closed with payments by 30 September.
Laura was by far the most expensive of the three hurricanes, with total paid losses and reserves of $9bn.
Losses and reserves from Delta came in at $875.5mn, and Zeta cost $629.3mn.
The latest figures represent the fifth and final report that the LDI will issue for the 2020 storms, but a new data call for Hurricane Ida will be issued later this year.