Devoted to the Insurance industry and all thing related

The Mississippi Insurance Commissioner George Dale made an announcement last week according to National Underwriter that Nationwide Insurance “has paid an additional $25 million to Mississippi residents “ after agreeing “in April to reevaluate claims of homeowners whose houses were torn from their foundation slab by Hurricane Katrina.”   

In total Nationwide has paid an astonishing “$300 million for over 11,000 filed claims.”  This news is positive among the recent negative news that “a civil racketeering case was filed against State Farm, claiming in part that the insurer used contrived inspection reports in the course of settlement mediations conducted by the Mississippi Insurance Department between State Farm and policyholders with Hurricane Katrina claims.”  

Dale is using the payments by Nationwide to show that “the reevaluation process works, contrary to allegations voiced by headline seeking critics of the process.”  I would hope that Dale and his department are reevaluating claims on a daily basis so that homeowners can get rebuild as quickly as possible.