Natural Gas Shortage Cost Insurance Companies $55 Million
New Mexico – The natural gas shortage that slammed the state last winter cost insurance companies $55 million in claims.
A memo from the state Public Regulation Commission's Insurance Division says homeowners received the most help representing 7,422 of the nearly 8,900 claims that were paid and almost $45 million of the total insurance payout.
The Santa Fe New Mexican reports more than $10 million went to pay off 1,352 commercial or business claims, while less than $200,000 went to 87 automobile claims.
All told, 9,600 insurance claims were submitted, 273 were denied, and 474 resulted in no insurance company payouts.
The February snowstorm left an estimated 32,000 homes and businesses in New Mexico without natural gas for several days.
Information from: The Santa Fe New Mexican, http://www.sfnewmexican.com
Copyright 2011 The Associated Press.