Swiss Re Insurance-Linked Fund Management

Xactanalysis Insights and PCS

Hurricane Ian claims filed surpass 570k, losses $7.13bn so far: FLOIR

Share

The Florida Office of Insurance Regulation (OIR) has continued to update its information on hurricane Ian insured claims and losses, with the total number of claims filed in Florida now more than 570,000, while so far insured losses estimated off claims payments stand at over $7.13 billion.

welcome-to-florida-signThe Florida Office of Insurance Regulation (OIR) now reports 576,490 claims have been filed after Ian, a figure that will keep rising.

Residential property claims continue to be the main source at 402,109 claims and within that bracket homeowners, with over 321,481 claims now filed

As of October 24th, the FLOIR has updated its estimate for hurricane Ian’s insured losses, based on claims filed and the data available at this time, lifting it to just over $7.13 billion.

With some 75,047 claims closed with a payment from an insurer so far there’s a long way to go and it’s important to note that of the claims closed and paid, the largest proportion are from other lines of business, while in residential property just 20.8% are closed so far and in commercial its even lower at 10.7%.

Hurricane Irma in 2017 saw 730,000 claims closed with payment after the storm. Hurricane Ian has a long way to go before reaching those totals.

Regionally, over 207,000 of the claims filed from hurricane Ian so far are in Lee County, with over 88,000 in Charlotte County and almost 60,000 in Sarasota.

It’s also interesting to note, that as of October 24th, only 346 business interruption claims have been filed, which seems incredibly low and set to rise further, while commercial property insurance claims only stood at 21,691 and commercial residential at 1,964.

Commercial and business claims can turn out to be some of the largest after hurricanes, so it will be helpful to watch these data points.

So, it’s going to be very interesting to see how the total increases over the coming weeks, as this should help in approximating the industry loss toll in Florida, the hit to reinsurance capital and just how high that rises.

Read all of our coverage of hurricane Ian, and our analysis on the potential market losses, here.

Register today for ILS NYC 2023, our next insurance-linked securities (ILS) market conference. Held in New York City, February 10th, 2023.

Artemis London 2022 - Insurance-linked securities conference in London

Get a ticket soon to ensure you can attend. Secure your place at the event here!

Print Friendly, PDF & Email

Artemis Newsletters and Email Alerts

Receive a regular weekly email newsletter update containing all the top news stories, deals and event information

  • This field is for validation purposes and should be left unchanged.

Receive alert notifications by email for every article from Artemis as it gets published.