Hurricane Nate Insured Losses $500 Million
Insured losses caused by Hurricane Nate could total about $500 million, according to catastrophe modeler Karen Clark & Co. Gulf of Mexico oil and natural gas production is likely to recover fully by the end of the week, because Nate dealt little to no damage to offshore platforms, said Andrew Lipow of Lipow Oil Associates.
With the loss expected to be in the millions and not the billions, analysts have said that Nate will likely be more of a hit to primary players than reinsurance companies.
Nate made landfall on Saturday in southeast Louisiana, near the mouth of the Mississippi River, as a Category 1 system. It made landfall again hours later, this time near Biloxi, with roaring wind and heavy rain, and dragged in flooding, then was quickly downgraded.
Victims of Hurricane Nate are urged to document damage and file their insurance claims as quickly as possible. The Mississippi Insurance Department’s (MID) consumer services division is ready to assist policyholders with their claims. Anyone having problems reaching their agent or insurance company or filing their claim should call the MID Consumer Services toll-free number at 1-800-562-2957.
“Hurricane Nate has been a gentle reminder to us that just because we haven't had a devastating hurricane in 12 years, the threat still exists,” said Insurance Commissioner Mike Chaney. “Early reports indicate no major damage; however, we urge anyone with damage to document it and file their insurance claims as quickly as possible.”