Advertise here, Reinsurance News

Menu

Reinsurance News

Significant Brevard County hailstorms to cost HCI Group up to $7m

9th April 2019 - Author: Luke Gallin

A recent hailstorm that impacted several areas of the Brevard County, Florida, is expected to drive a loss of between $4 million and $7 million for HCI Group, Inc.

Hailstone imageAccording to the National Weather Service, recent thunderstorms that brought hail to parts of Canaveral Groves, Cocoa, Rockledge, Merritt Island and Satellite Beach, resulted in the most significant hailstorm event in Brevard County recorded history.

On the morning of March 27th, 2019, hail the size of golf balls fell for up to ten minutes, battering buildings and cars, resulting in widespread damage.

HCI Group, primarily a homeowners’ insurer with additional operations in reinsurance, has said that the event could drive up to $7 million in losses for the firm, and is exacerbated by the influence of wind.

“Hailstorms occur this time of year in Florida. Because it was wind-driven, it not only damaged the roofs of homes, but the siding, widows, and fences as well,” said Paresh Patel, HCI Group’s Chairman and Chief Executive Officer (CEO).

“Fortunately, we were prepared for such an event, and have been able to respond fully and swiftly to our policyholders’ claims.”

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
Chubb handed permission to set up Myanmar life insurance subsidiary

Global insurer Chubb has been revealed as one of the five foreign firms handed permission by the government of Myanmar...

Close