Florida-headquartered re/insurance focused holding company HCI Group has issued an initial loss estimate from hurricane Michael of between $6 million and $18 million.
Michael struck the Florida panhandle on 10 October, coming ashore as a major Category 4 storm with wind speeds of up to 155mph.
This made the hurricane one of the strongest to ever hit the region and the strongest to hit the United States since Andrew in 1992.
HCI’s reinsurance retention for the 2018 hurricane season is $16 million.
“It’s too early to determine the full financial impact of Michael,” said Paresh Patel, HCI’s Chairman and Chief Executive Officer.
Hurricane force winds are estimated to have caused between $6.4 billion and $8.7 billion in industry losses, while Michael’s storm surge is estimated to have caused between $400 million and $1.3 billion.
“Our focus at this time is on our policyholders and ensuring their claims are handled quickly and efficiently.”
