Claims News Service, Jan.10, 10:10 a.m. EST -- The record total of homeowners' insurance claims payments resulting from the 2005 hurricanes in Mississippi is enough to wipe out all homeowners' premiums paid in the state during the past 17 years, according to the Insurance Information Institute.
The magnitude of the loss will force a fundamental reassessment of risk in the state by insurance companies, according to the Institute, which could make homeowners' insurance more costly and less available in Mississippi.
Homeowners' insurers in Mississippi are expected to pay $5.5 billion in claims from Hurricanes Katrina and Rita, an amount equal to all homeowners' insurance premiums paid in the state since 1989 and nearly nine times the estimated $625 million in homeowners' premiums paid last year.
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