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
Tag: Hurricane Michael
Hurricane Michael Was A Category 5, NOAA Finds
Scientists at NOAA’s National Hurricane Center have found that Hurricane Michael had an intensity of 160 mph when it made landfall at the Florida Panhandle last October. That means it was a Category 5 hurricane on the Saffir-Simpson Hurricane Wind Scale — just one of four such U.S. storms on record. Hurricane Michael had been… Continue reading Hurricane Michael Was A Category 5, NOAA Finds
Hurricane Michael Insured Damage Totals Hit $4.3 Billion
Two months after Hurricane Michael devastated the Panhandle region, insured losses from damages have hit $4.3 billion, according to the Florida Office of Insurance Regulation. As of Dec. 7, about 131,500 claims were filed from the October Category 4 storm. Just over half of the claims have been paid thus far, and about 67 percent… Continue reading Hurricane Michael Insured Damage Totals Hit $4.3 Billion
Florida CFO Calls for Insurers to Step Up Aid in Hurricane Michael Recovery
Florida Chief Financial Officer (CFO) Jimmy Patronis and Insurance Commissioner David Altmaier spoke with insurance company executives today and called on the industry to step up more to aid in Hurricane Michael recovery. CFO Jimmy Patronis said, “Before Hurricane Michael hit, I put Florida’s insurance industry on notice that I expected they would move quickly… Continue reading Florida CFO Calls for Insurers to Step Up Aid in Hurricane Michael Recovery
AXIS Capital Estimates Up to $120M in Hurricane Michael Losses
Bermudian reinsurance group AXIS Capital has released a preliminary pre-tax loss estimate for losses related to Hurricane Michael in the fourth quarter, which it puts in the range of $100 million to $120 million. AXIS said that its estimate was consistent with industry insured losses of approximately $10 billion. This compares with the recent industry… Continue reading AXIS Capital Estimates Up to $120M in Hurricane Michael Losses