As the insurance industry approaches the five-month mark from the appearance of Hurricane Charley, there is good news and bad news. The good news is that a large number of the claims filed as a result of the four hurricanes have been resolved. The bad news is that, for those claimants still waiting, frustrations are mounting and, in many cases, finances are getting tight.
“There's a slowing process of payments and, I would say, that it's slowed down with advance payments and even finalization of claims,” said Ray Altieri, CEO of Transco American Claims in Tampa, Fla., and two-time president of the National Association of Public Insurance Adjusters. “We have not seen a good turnover of files from the insurance carriers and it's across the board.”
To a large extent, Altieri blames the sheer volume of claims. He pointed out that, although more than 1.5 million claims have been filed, the Bureau of Labor Statistics estimates the total number of adjusters currently working in the United States at 241,000, with 14,000 of those being auto damage appraisers. “We believe that there's just been an overwhelming need from all areas of the industry, and there's only so much that these insurance companies can do,” he said.
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