Catastrophe modelers expect insured losses from Hurricane Ida to reach between $18 to $29.5 billion. (Photo: ssguy/Shutterstock)
The North American hurricane season is well underway, which means insurers are hard at work managing customer policies and processing claims. After last year's record-breaking season, insurance companies must be prepared for the impending tsunami of claims and the corresponding deluge of paperwork. And this year, there's been no shortage of damage and devastation. Hurricane Ida recently left more than 1 million homes and businesses throughout Louisiana and Mississippi without power for weeks. For insurers, this is a different type of calamity, especially with homeowners and businesses needing to cash in on multiple policies related to tropical storms.
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