Nationwide Insurance, which agreed in April to reevaluate claims of homeowners whose houses were torn from their foundation slab by Hurricane Katrina, has paid an additional $25 million to Mississippi residents, regulators said.
Insurance Commissioner George Dale's Wednesday announcement of the payment figure said Nationwide had over 11,000 claims filed in three Mississippi coastal counties after Hurricane Katrina, and has paid in excess of $300 million in claims. Of the claims filed, there were 641 slab cases or near-slab cases that were reevaluated.
Of these 641 slab claims, 532 have been resolved, which would indicate a success rate of approximately 83 percent. With regard to the remaining 109 slab claims, negotiations are ongoing.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
