hurricane Michael 2018

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Hurricane Michael loss creeps to $7.44bn, more costly per-claim than Irma

The ongoing creep of insurance and reinsurance market losses associated with hurricanes that have hit Florida continues in the case of hurricane Michael from 2018, with the total rising another over 3% to reach almost $7.44 billion.By early August, Florida’s Office of Insurance Regulation (FLOIR) assessed that claims from hurricane read the full article →

Hurricane Michael loss creeps to $7.2bn, but 17,347 claims still open

The insurance and reinsurance industry loss from Hurricane Michael in Florida continued to slowly creep higher in the last two months, now having reached almost $7.2 billion according to the regulator in Florida.At the last count at the beginning of August, Florida’s Office of Insurance Regulation (FLOIR) assessed that claims read the full article →

Hurricane Michael loss creeps to $6.91bn, open claims said discouraging

The insurance and reinsurance industry loss from Hurricane Michael in Florida has crept higher in the last month, rising 4% to $6.91 billion as the regulator notes that it is "discouraged" by the fact over 20,000 claims remain open.Speaking at a recent Florida Cabinet meeting, Insurance Commissioner David Altmaier said read the full article →

Hurricane Michael loss in Florida creeps above $6.61bn: Regulator

The loss from 2018's hurricane Michael continues to creep higher, with the aggregated insured claims data reported by the Florida regulator now standing just above $6.61 billion, an increase of roughly 10% in the last three months and still with only 84% of claims settled.The pace of settling claims associated read the full article →

Hurricane Michael upgraded to first U.S. Cat 5 landfall since Andrew

Hurricane Michael's wind speeds at landfall in Florida have been upgraded by the U.S. NOAA’s National Hurricane Center scientists in their final tropical cyclone report, now estimating them as having reached Category 5 at 160 mph.This means hurricane Michael, which slammed into the Florida Panhandle region in October 2018, has read the full article →

Hurricane Michael industry loss hits $11bn, Florence $5.5bn: Aon

Hurricane industry losses from the 2018 season have risen with hurricane Michael now estimated to have caused an industry loss of $11 billion, while hurricane Florence is estimated at $5.5 billion, both according to insurance and reinsurance broker Aon.The estimates are the highest totals for the market wide insured loss read the full article →

Hurricane Michael insurance claims surpass $6bn: Florida regulator

Aggregated insured claims data for hurricane Michael now totals over $6 billion, an increase of roughly 10% since early February and there is further for the tally to rise with settlement of commercial property claims lagging behind.The percentage of all hurricane Michael insurance claims closed now sits just slightly  below read the full article →

Hurricane Michael claims paid near $5.53bn: Florida regulator

The Florida state insurance regulator has now counted almost $5.53 billion of insurance claims that have been paid following the impact of hurricane Michael in the state, another 10% increase since mid-January.Still only 75% of insurance claims filed in the wake of hurricane Michael have been settled so far, with read the full article →

Chubb pegs Q4 catastrophe losses at $585m after reinsurance

U.S. and global primary insurance firm Chubb said that it expects fourth-quarter 2018 catastrophe losses after reinsurance will cost the company $585 million before tax, with hurricane Michael and the California wildfires the major contributors to the loss.Chubb had previously revealed a creeping loss from hurricane Michael, which it originally read the full article →

Oxbridge Re expects sidecar support for wildfire & Michael losses in Q4

Cayman Islands based reinsurance firm Oxbridge Re Ltd. said that its fully collateralized reinsurance sidecar vehicle Oxbridge Re NS Ltd. will support the firms losses from both hurricane Michael and the California wildfires in Q4 2018.Oxbridge Re said that it now expects to suffer a $6 million impact from catastrophe read the full article →