As the insurance payout numbers for Katrina pour in, it is easily the biggest ever insurance disaster to hit the US. Payouts for flood related claims are also the highest. The combined payouts are in the vicinity of $60 billion. It is almost twice more than the insurance claims for 9/11 related destruction, which till now was the highest in the US history.
Flood related claims that have been settled till now amount to $11.4 billion and are expected to touch $16.4 billion after final settlements. Citizens insurance has settled nearly 40,000 claims till date with an average payout of $12,645 per policy. Other homeowner insurance companies have settled nearly 480,000 claims amounting to a staggering $7.5 billion in Louisiana alone. The average flood payout is a record $101,018 with the previous highest average flood payout being $17,000. Average flood payouts in certain regions touched $135,000.
These numbers clearly indicate the fury of Katrina and indicate how powerful nature’s destructive forces can be. Click here to read more about Katrina related insurance payouts.