Florida-based insurtech HCI Group announced its initial catastrophe loss estimate for the third quarter of 2020.
HCI’s homeowners and flood insurance operations, which are primarily in Florida, experienced only one catastrophic event during the quarter, which was Hurricane Sally.
The hurricane made landfall near Gulf Shores, Alabama, but impacted the Florida panhandle with high winds and rain.
HCI’s preliminary estimates for the quarter indicate $17.7 million in catastrophic losses related to Hurricane Sally.
The net after tax impact is estimated at approximately $12.5 million. All the catastrophe losses during the quarter were sustained by HCI’s Homeowners Choice insurance operation.
TypTap Insurance Company, HCI’s insurance subsidiary, was unaffected.
