Florida regulator pegs insured Michael losses at $4.9bn
Total re/insured losses resulting from Hurricane Michael in Florida are estimated to be approximately $4.9 billion, according to data compiled by the Florida Office of Insurance Regulation (FLOIR).
The state regulator’s estimate is based on information from claims data filed by insurers, and shows that a total of 136,873 claims have been registered so far, with 71.1% now closed.
The majority of these claims related to residential property policies (90,526), FLOIR explained, of which homeowners accounted for 65,859, dwelling 14,825, mobile homeowners 9,126, and commercial residential 716.
FLOIR also counted a total of 9,626 commercial property claims, as well as 191 private flood, 735 business interruption, and 35,795 claims classed as ‘other lines of business.’
It is important to note that these claims and the accompanying loss estimate only relate to the state of Florida, with total re/insurance losses across all impacted areas expected to be significantly higher.
Reinsurer Munich Re recently estimated that industry losses from Hurricane Michael would reach $10 billion, representing 60% of the storm’s total anticipated economic cost of $16 billion.
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