Notifying Policyholders of Underinsurance

February 1, 2018

The fall of 2017 was responsible for three major hurricanes, which caused millions in property damage. One thing that came to light is that many people either did not have proper insurance or were underinsured. Particularly hard hit were the Virgin Islands and Puerto Rico. In the Virgin Islands, claims from Hurricane Irma have totaled $435.6 million in claim payments with 38 percent of claims being paid so far. A total of 9,332 claims have been filed, with 3,032 being closed with payment. Hurricane Maria resulted in 5,549 claims, with 1,312 closed with payment. Payment on those claims so far was $82.8 million, which is 32 percent.