When Hurricane Ian inundated the region with powerful ocean surges and damaging downpours, it is expected to financially ruin countless people in Florida whose homes were not covered by flood insurance. The personal financial losses are a result of Ian’s zeal and the fact that millions of Americans across the country have not purchased flood… Continue reading Will Ian ‘Financially Ruin’ Homeowners and Insurers?
Tag: hurricane Ian
Florida’s Investment in Strengthening Its Electrical Grid Stands Up to Ian
Multi-billion-dollar upgrades to the electric grid by Florida’s largest utilities in recent years appear to have withstood Hurricane Ian’s destructive winds and flooding. Initial assessments show that much of Florida’s grid, particularly the transmission system, fared relatively well during the storm, thanks in part to major investments made in recent years. However, storm surge and… Continue reading Florida’s Investment in Strengthening Its Electrical Grid Stands Up to Ian
New Estimate Shows Insured Losses to Onshore Properties from Ian May Reach $57B
Verisk expects insured losses to onshore property from Hurricane Ian to range between $42 billion and $57 billion. Verisk Extreme Event Solutions’ industry loss estimate includes estimated wind, storm surge, and inland flood losses from Ian’s landfalls in both Florida and South Carolina. Certain elements, such as losses to the National Flood Insurance Program and… Continue reading New Estimate Shows Insured Losses to Onshore Properties from Ian May Reach $57B
Devastation in Florida from Ian: Death, Destruction, Darkness
At least 21 people died in Florida after Hurricane Ian made landfall Wednesday, according to Florida officials, who warned that the toll could rise. According to Kevin Guthrie, director of the Florida Division of Emergency Management, the state confirmed one death in Polk County caused by the storm surge or rising water levels on Friday.… Continue reading Devastation in Florida from Ian: Death, Destruction, Darkness
Will All Floridians Have to Pay for Ian’s Destruction if Insurance Falls Short?
South Florida may be spared a direct hit from Hurricane Ian, but insurance customers in the region and across the state may be forced to help pay the bill if the storm causes significant damage along its final path. While it is too early to predict how much damage the storm will cause, industry analysts… Continue reading Will All Floridians Have to Pay for Ian’s Destruction if Insurance Falls Short?
Florida’s Already Fragile Property Insurance Market to Incur Billions in Losses Post Ian
Hurricane Ian could be among the costliest in US history. According to Chuck Watson of Enki Research, the massive storm tearing through parts of Florida at 150 mph is expected to cause $30 billion to $60 billion in damages and economic losses. The insurance industry is looking at a loss of $20 billion at the… Continue reading Florida’s Already Fragile Property Insurance Market to Incur Billions in Losses Post Ian
Hurricane Ian Pounds Florida
Hurricane Ian tore through Florida with howling winds, torrential rains and raging surf having caused massive power outages across the state. Rescue workers and residents of Florida’s Gulf Coast are now searching for missing people and picking up the pieces. Ian, one of the most powerful storms to hit the United States’ mainland in recent… Continue reading Hurricane Ian Pounds Florida