Claims News Service March 5, 1:55p.m.- The president of the Insurance Information Institute (I.I.I.), Dr. Robert Hartwig, recently testified for the U.S. House Financial Services Committee's Subcommittee on Oversight and Investigations about claim-payment processes used by insurers in the Gulf Coast following the 2005 hurricane season. The I.I.I. is a non-profit trade association sponsored by the property/casualty insurance industry.
To begin his testimony, Hartwig said that claim payments to restore homes, businesses, and vehicle losses totaled $40.6 billion on 1.74 million claims filed by policyholders across six states. He also testified that most of these claims have been settled without dispute, and that fewer than two percent of homeowners' insurance claims in Louisiana and Mississippi currently were in mediation or litigation.
"Insurance companies strive to settle claims without any disputes with their customers. And the record is clear that in the overwhelming number of cases, that is exactly what happens. They are routinely settled by adjusters with policyholders at the scene without the involvement of attorneys or engineers in a courtroom," he stated.
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