Insured losses in Florida related to Hurricane Idalia are unlikely to surpass those from Hurricane Ian last year given the storm’s path across the more sparsely populated Big Bend region, which has lower insured values than other coastal areas, according to a new AM Best special report.
Tag: hurricane losses
Quieter Hurricane Season Predicted: Colorado State University Forecast
The likely development of El Niño should bring a “slightly below-average” Atlantic hurricane season, top forecasters announced Thursday at a hurricane conference in Texas. But the forecast also notes a high level of uncertainty.
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?
Total Insured Losses from Hurricanes Laura, Ida at More than $20 Billion
Hurricanes Laura and Ida has resulted in over $20 billion in insurance losses, Louisiana insurance commissioner Jim Donelon said. Speaking with Jan Swift on the Discover Lafayette podcast, Donelon said some insurers in Louisiana have gone bust as a result. Fortunately, the Louisiana Insurance Guaranty Association is in place to protect property and casualty policyholders… Continue reading Total Insured Losses from Hurricanes Laura, Ida at More than $20 Billion
Insured Hurricane Michael Losses Likely Higher than Estimated
Estimated insured losses for Hurricane Michael have passed $5.6 billion but could be even higher because the number of closed insurance claims reported to the state might be overinflated. In a recent Bay County town hall meeting, Florida Insurance Commissioner David Altmaier said his office was aware of the discrepancies with closed claims. The office… Continue reading Insured Hurricane Michael Losses Likely Higher than Estimated
Early Estimate for Insured Damage from Florence: $2.5 Billion
One of the first estimates from a big risk modeler for Hurricane Florence damage is in. Karen Clark & Co. estimates $2.5 billion in insured damage for private-sector insurers. It includes privately insured wind, storm-surge and inland-flooding damage to residential, commercial and industrial properties and automobiles. The estimate doesn’t include damage that would be covered… Continue reading Early Estimate for Insured Damage from Florence: $2.5 Billion