hurricane Michael 2018

Estimated insured losses from hurricane Michael, based on claims paid information collected by the Florida state insurance regulator, have risen another 14% to reach $3.43 billion in the last week.

The cost of insurance claims paid following hurricane Michael’s impacts in Florida has risen by another almost 15% in just one week, nearing $3 billion, according to updated claims information and data from the state insurance regulator.

Cayman Islands domiciled reinsurance firm Oxbridge Re Ltd. has said that its fully collateralized reinsurance sidecar vehicle Oxbridge Re NS Ltd. is likely to take a portion of the firms losses from recent hurricane Michael, which could amount to a roughly 55% loss of principal.

Hurricane Michael is expected to cost the United States economy more than $15 billion, while private and public insurance sources are expected to shoulder at least $8 billion of the costs of the storm, according to broker Aon.

The tally of insurance claims paid after recent hurricane Michael’s impacts on Florida has increased by almost 28% in a week to reach $2.6 billion, according to the latest data from the regulator for the state.

Insurance claims paid following recent hurricane Michael’s impacts on Florida have now leapt to over $2 billion, according to the latest data filed by insurers, collected and analysed by state regulator the Florida Office of Insurance Regulation (FLOIR).

Hurricane Michael has now driven more than $1.5 billion of insurance claims paid, based on data filed by insurers that has been collected and analysed by state regulator the Florida Office of Insurance Regulation (FLOIR).

Floridian headquartered primary insurer Universal Insurance Holdings is set to pass around $315 million of its losses from hurricane Michael to its reinsurance panel, which includes a healthy amount of collateralized protection from ILS funds and other providers.

Hurricane Michael has resulted in almost $1 billion of insurance claims already, based on data filed by insurers and collected by local regulator the Florida Office of Insurance Regulation (FLOIR).

The industry loss to insurance and reinsurance interests from hurricane Michael is estimated to be somewhere between $6.8 billion and $10 billion by RMS, with the majority driven by wind damage to residential properties.