State Farm, Travelers lead multiperil cover in Barry-hit statesPosted On: Jul. 15, 2019 2:17 PM CST
Hurricane Barry made landfall as a Category 1 hurricane early Saturday afternoon along the northern Gulf Coast after briefly becoming a hurricane only hours before landfall, but then weakened by early afternoon.
State Farm Group has the largest exposure to commercial multiperil (nonliability) insurance in Louisiana with a 12.89% market share, almost twice that of Markel Corp. Group at 6.58%, according to data from A.M. Best Co. Inc. on Monday.
In Mississippi, Travelers Cos. Inc. has the largest commercial multiperil exposure with a 11.59% market share, Nationwide Group is next at 8.95% and State Farm Group third at 6.95%, data showed.
Data and analytics provider CoreLogic said it is waiting for the rainfall to slow to determine the flood footprint and get an accurate view of damages, according to an email from a spokeswoman.
Rainfall hit seven inches in Abbeville, Louisiana, and nearly 10 inches near Ocean Springs, Mississippi, according to data from the Weather Prediction Center.
A peak storm surge occurred along the south-central Louisiana coast near Barry's landfall around Vermillion Bay and the mouth of the Atchafalaya River, according to Weather.com, with a surge of about 7 feet recorded midday Saturday at Amerada Pass.
The National Weather Service defines a tropical depression as a storm with wind speed less than 39 miles per hour; a tropical storm as having wind speed from 39 mph to 73 mph; a hurricane as having wind speed from 74 mph to 110 mph; and a major hurricane as a storm with wind speed greater than 110 mph, according to information on its website.
State Farm and Travelers could not be reached for comment.