Posts Tagged ‘loss’

Chaney expects insurers to pay only $24M for Isaac damage

ACROSS MISSISSIPPI — Private insurers expect to pay more than $24.3 million in claims in Mississippi as a result of Hurricane Isaac, Insurance Commissioner Mike Chaney says. Chaney says that as of yesterday, Mississippi’s 21 largest insurers had received 9,400 claims and paid $8.6 million. That’s tiny compared Hurricane Katrina’s $41 billion in insured damage […] [...]

Wicks’n’More candle factory goes up in flames

MOOREVILLE — A candle factory in Northeast Mississippi has been destroyed by fire. The Northeast Mississippi Daily Journal reports the Wicks’n’More factory in Mooreville burned yesterday morning. Mooreville firefighters, along with help from other volunteer departments, fought the blaze from around 2 a.m. until 9 a.m. yesterday. Mooreville Fire Chief Ron White says the building […] [...]

Entergy: Isaac’s costs run $400M-$500M

NEW ORLEANS — Entergy Corporation has released an update on preliminary financial effects, liquidity resources and recovery initiatives after Hurricane Isaac. Total restoration costs for the repair and/or replacement of the electrical facilities in areas with damage from Isaac are estimated to be in the range of $400 million-$500 million. Each utility company is responsible […] [...]

Insurance Department opens more claims centers

SOUTH MISSISSIPPI — As cleanup from Hurricane Isaac continues, the Mississippi Insurance Department is setting up two additional claims centers to assist residents with their claims. In addition to MID’s Coast Office in Bolton State Office Building in Biloxi, MID will be operating a claims center in Picayune at the National Guard Armory on Highway […] [...]

Residents register for federal assistance in the wake of Isaac

AROUND MISSISSIPPI — State officials say 4,325 people in four Mississippi counties have registered for federal individual assistance in the wake of Hurricane Isaac. Residents of Hancock, Harrison, Jackson and Pearl River counties are eligible for temporary housing aid, grants for serious disaster-related expenses not covered by insurance and low-interest disaster loans from the Small […] [...]

Agriculture community assessing damage from Isaac

ACROSS MISSISSIPPI — Even as the remnants of Hurricane Isaac were leaving Mississippi last Friday, Mississippi State University Extension agents were assessing its impact on crops that were so close to harvest. Lodging, or laying down, can be a significant harvest challenge in wind-blown fields, especially corn. Extension corn specialist Erick Larson is cautiously optimistic […] [...]

City sees record 22 inches of rain from Isaac

PICAYUNE — Officials say 22 inches of rain has fallen in Picayune over a three-day period from Hurricane Isaac. City engineer Brooks Wallace tells the Picayune Item the rain unleashed by Isaac was the heaviest downpours ever recorded in city. Rain began late last Tuesday and ended early last Friday. Perhaps the hardest-hit area was […] [...]

AIR Worldwide: Isaac’s losses could reach $2B

BOSTON — Catastrophe modeling firm AIR Worldwide estimates that insured losses from Hurricane Isaac to onshore properties in the U.S. will be between $700-$2 billion. AIR estimates include wind and storm surge damage to onshore residential, commercial and industrial properties and their contents, automobiles, and time element coverage (additional living expenses for residential properties and […] [...]

Farmers, ranchers prepare to deal with Isaac’s impact

ACROSS MISSISSIPPI — Farmers across southern and central Mississippi are preparing to deal with the consequences of high winds and lots of rain from Isaac. “We have a two-fold problem for farmers right now,” said Mississippi Farm Bureau president Randy Knight. “The livestock and dairy farmers are worried about losing electricity — having problems keeping […] [...]

Report: Primary insurers to bear most of Isaac-related losses

by Published: August 29,2012

Tags: disaster, hurricane, insurance, insurer, loss, property, real estate, storm

NEW YORK — Fitch Ratings says it anticipates losses related to Isaac will be largely borne by primary insurers, but estimates remain uncertain. Fitch wrote: “Though Isaac carries significant threat, new flood control systems built post-Katrina are expected to limit the surge from Isaac in the New Orleans region. “Catastrophe modeler AIR Worldwide reported an […] [...]

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