Claims Counts, Payments Rising from Mississippi Hailstorm

A vehicle is hauled to a repair shop in Pearl, Miss. on March 18 following a hailstorm that hit communities throughout central Mississippi. (AP Photo/Rogelio V. Solis) A vehicle is hauled to a repair shop in Pearl, Miss. on March 18 following a hailstorm that hit communities throughout central Mississippi. (AP Photo/Rogelio V. Solis)

A hailstorm that hit Jackson, Miss. and surrounding suburbs on March 18 has produced 40,000 homeowners and automobile claims, says the Mississippi Insurance Department.

The MID says carriers report they have paid out more than $25 million in damages on nearly 10,000 homeowners claims and more than 31,000 auto claims from the storm, which dumped hail larger than a baseball on 18 counties. Reports say private and state-owned properties, hospitals and school were damaged. 

The total claims count is expected to exceed 60,000 when insurance companies update their figures this week, says the insurance department.

“The department is very pleased with the way the companies are responding to consumers and processing claims," says Mike Chaney, state insurance commissioner, in a statement. "We have had very few complaints about the claims process.”

State Farm spokesman Roszell Gadson says the leading insurer in Mississippi has received about 15,790 auto claims and 6,575 homeowners claims. A few mobile claims sites in the region remain up and running, he adds.

Aon Benfield says storm activity in the eastern U.S. during the week of March 18 spawned a variety of damaging weather from the Southeast to the Northeast, and likely caused over $100 million in insured losses in Mississippi alone.

Gadson says State Farm has received more than 46,000 claims in Mississippi, Georgia and Alabama from this spat of weather activity.

The top personal-lines insurer in Mississippi is State Farm, with a 2012 market share of 26.3 percent, according to SNL Financial. Southern Farm Bureau is next with a 14.4 percent market share, followed by Allstate, with 9.9 percent; Nationwide, with 6.6 percent; and Progressive, with 6.1 percent.

RELATED STORY:

All Hail IBHS: Research Organization Holds First-Ever Indoor Storm

 

Comments

Resource Center

View All »

Complimentary Case Study: Helping achieve your financial goals By:...

Find out how a Special Investigation Union used TLOxp to save the company money and...

Do Your Clients Hold The Right CDL License?

Learn about the various classes of CDL Licenses and the industries that are impacted by...

Integrated Content & Communications: A Key Business Issue For Insurers

Insurers are renewing their focus on top line growth, and many are learning that growth...

High Risk Insurance Coverage in the E&S Market

Experts discuss market conditions, trends and projected growth in a rapidly changing niche.

Top E-Signature Security Requirements

This white paper covers the most important security features to look for when evaluating e-signatures...

EPLI Programs Crafted Just For Your Clients

Bring us your restaurant clients, associations and other groups and we’ll help you win more...

Is It Time To Step Up And Own An Agency?

Download this eBook for insight on how to determine if owning an agency is right...

Claims - The Good The Bad And The Ugly

Fraudulent claims cost the industry and the public thousands of dollars in losses. This article...

Leveraging BI for Improved Claims Performance and Results

If claims organizations do not avail themselves of the latest business intelligence (BI) tools, they...

Top 10 Legal Requirements for E-Signatures in Insurance

Want to make sure you’ve covered all your bases when adopting e-signatures? Learn how to...

Personal Lines Pro eNewsletter

Critical insights into the personal auto, homeowners, and other consumer insurance markets to help P&C professionals stay informed – FREE! Sign Up Now!

Advertisement. Closing in 15 seconds.