In the last seven years Florida has weathered five major hurricanes. Michael, which made landfall in 2018 in the Panhandle, was the first category 5 hurricane to strike the continental United States since Andrew in 1992. Ian, in 2022, was the costliest hurricane in state history and third-costliest on record nationwide, after Katrina in 2005 and Harvey in 2017. Recent major Florida hurricanes also include Irma in 2017, Nicole in 2022 and Idalia in 2023.
Tag: hurricane insurance
Vortex Insurance Set to Launch Supplemental Hurricane Insurance
Vortex Insurance, an insurtech leader in parametric weather insurance, announced the launch of an innovative insurance program allowing the purchase of supplemental hurricane insurance for portions of the United States.
“Worsening Winds” Report Finds 13.4 Million Properties to Be Newly Exposed to Hurricane Winds
First Street Foundation’s model finds that over 13.4 million properties will be exposed to tropical cyclones in 30 years that are not currently.
Hurricane Ida Could Cost Insurers As Much As $30 Billion: Swiss Re
The insurance industry could face claims of as much as $30 billion from hurricane Ida, which caused extreme wind and flood damage across parts of the U.S. after making landfall in late August. Insured losses from the storm, the second-most intense hurricane to hit the state of Louisiana, will probably range between $28 million and… Continue reading Hurricane Ida Could Cost Insurers As Much As $30 Billion: Swiss Re
AIR Worldwide Estimates Insured Losses for Hurricane Laura Will be Between $4B and $8B
Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Laura’s winds and storm surge will range from $4 billion to $8 billion. AIR Worldwide is a Verisk business. “Although comparisons between Laura and Hurricane Rita (2005) have been made, they differ in two important ways: Rita was… Continue reading AIR Worldwide Estimates Insured Losses for Hurricane Laura Will be Between $4B and $8B
CoreLogic Estimates $8B-$12B in Insured Losses from Hurricane Laura Wind and Storm Surge
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today announced updated residential and commercial wind and storm surge loss estimates for Hurricane Laura. According to this new data analysis, insured wind and storm surge losses for residential and commercial properties in Louisiana and Texas are estimated to be between $8 billion and… Continue reading CoreLogic Estimates $8B-$12B in Insured Losses from Hurricane Laura Wind and Storm Surge
CoreLogic Risk Analysis Shows Hurricane Laura Threatens 431,810 Homes with Storm Surge Damage
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released data analysis showing 431,810 single-family and multifamily homes along the Texas and Louisiana coasts with a reconstruction cost value (RCV) of approximately $88.63 billion are at potential risk of storm surge damage from Hurricane Laura based on its projected Category 3 status… Continue reading CoreLogic Risk Analysis Shows Hurricane Laura Threatens 431,810 Homes with Storm Surge Damage
State Farm Case Opens Door for More Claims, With Possible Implications for Other Insurers
A Lousiana Insurance Department order stopping State Farm from imposing higher deductibles on homes damaged last month ahead of Hurricane Barry could help thousands of the company’s customers and potentially benefit clients of other insurers if similar complaints were to surface. While the cease and desist order against imposing hurricane deductibles only applies to State… Continue reading State Farm Case Opens Door for More Claims, With Possible Implications for Other Insurers
Florida Doesn’t Know Why So Many Hurricane Michael Insurance Claims Are Still Open
Under Florida law, residential property insurers are supposed to pay their claims within 90 days. Yet 10 months after Hurricane Michael wiped out a swath of the Panhandle, the state’s insurance regulators can’t say how many of the more than 20,000 open claims are in violation of the law. At least as far back as… Continue reading Florida Doesn’t Know Why So Many Hurricane Michael Insurance Claims Are Still Open
Citizens Property Insurance Will Purchase $200M in Inland Reinsurance
For the first time in 14 years, Citizens Property Insurance Co. is purchasing reinsurance for its inland customers for this year’s hurricane season. The state-run “insurer of last resort” plans to purchase about $200 million in additional coverage, spurred by “mounting losses” from claims unrelated to storms and litigation over those claims, as well as… Continue reading Citizens Property Insurance Will Purchase $200M in Inland Reinsurance