Reinsurance News

Hurricane Ian claims data shows cost to insurers of almost $10.3bn: FLOIR

24th November 2022 - Author: Kane Wells

The Florida Office of Insurance Regulation (OIR) has said that insured losses estimated off claims data submitted by primary insurers in the state after hurricane Ian now stand at almost $10.3 billion.

According to data, there are approximately 640,496 claims filed in Florida after hurricane Ian, with already 52.5% closed.

Of the 640,496 hurricane Ian claims now filed, some 443,658 involve residential property.

Just 26,468 involve commercial property claims, though out of that category, only 22% have been closed, compared to 51.4% of residential property claims.

The largest proportion of claims geographically is in Lee County Florida, where hurricane Ian made its landfall and where damage has typically been seen to be most severe. Here, there have been 229,259 claims filed and just 48.7% closed so far.

Stratumn, by SIA Partners

At almost $10.3 billion, the claims total reported by the Florida OIR remains well below any of the industry loss estimates for hurricane Ian, being based on unaudited aggregate information collected from claims data filed with the regulator by insurers.

Last month, the FLOIR updated its estimate for hurricane Ian’s insured losses, based on claims filed at the time, to just over $7.13 billion. The figure stood at roughly $8.7 billion three weeks ago and $9.6 billion one-week ago.

The Florida OIR has also reported on claims from recent hurricane Nicole, which currently stand at 14,389 filed in number.

19.3% of these are already closed, and with a claims cost reported to-date of $132.4 million.

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