State Farm Pays Nearly $30M in Mississippi to Settle Katrina Claims

posted on:
September 27, 2007



 State Farm Insurance Co. agreed to voluntarily re-evaluate Mississippi Hurricane Katrina slab cases in April, and since then has paid more than $29.8 million in additional claims payments since the re-evaluation process began. 

As of August 13th, 934 affected Mississippians in Harrison, Hancock, and Jackson counties who were affected have requested re-evaluation of slab claims. Of those requests, State Farm reevaluated 904 claims and made an additional $23.7 million in settlement offers to those policyholders. The company has paid out $13.9 million to 552 policyholders who have accepted the offer.

In regard to non-slab claims, 2,660 policyholders have requested reevaluation. The company reevaluated 2,579 of those claims and made offers totaling over $23.8 million. Some 1,591 policyholders accepted those offers and have been paid over $15.9 million. Commissioner of Insurance, George Dale, observed:

As I have stated before, there is no one process that is going to work for everyone and some individuals are going to have to endure lengthy litigation. However, as these numbers show, people are being helped everyday.

It's difficult to assess just how good this has been for the policy holders who accepted the offers. I suspect many of them were just plain "worn out" and were ready to get on with their lives in post-Katrina times along the Mississippi Gulf Coast.

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