State hurricane claims hit $5.5 billion

Although the torrent of insurance claims is slowing, the numbers are still eye-watering

State hurricane claims hit $5.5 billion

Catastrophe & Flood

By Lyle Adriano

The Florida Office of Insurance Regulation (OIR) has reported that the current estimated insured losses from property owners related to Hurricane Irma have hit $5.55 billion.

Although projected claims costs have reached a staggering level, the state agency pointed out that the number of filings and damage estimates is slowing.

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The agency also said in an updated report earlier this week that 809,306 owners of residential and commercial properties across Florida had submitted claims to insurers as of the end of the previous week, representing an increase of 13,336 more claims over the week.

Total estimated losses actually decreased from the last time the OIR posted data, Sarasota Herald-Tribune reported. Estimated losses dropped by $11 million as more claims were closed without payment.

Of the 24,225 property owners in Sarasota, Manatee and Charlotte counties that have submitted claims for damages from Irma, nearly 60% have been closed, the OIR said, and 6,700 of those claims were not paid for.

Miami-Dade reported the highest number of claims, followed by Broward, Orange, Lee and Collier counties.

Homeowners account for more than half – 66% – of the claims made in Florida. OIR’s report also noted that another 10% of the claims come from other residential properties and 6% were filed by owners of manufactured homes.

Out of the estimated $5.55 billion in projected insured losses, the Florida Hurricane Catastrophe Fund might have to pay as much as $5.1 billion. Sarasota Herald-Tribune reported that the catastrophe fund has enough cash, so it would not have to borrow any money.

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