subtropical storm Nicole 2022

Florida’s property insurer of last resort Citizens Property Insurance Corporation has provided a modelled estimate of its ultimate losses from recent hurricane Nicole, pegging the total at just $62.5 million.

Catastrophe risk modelling firm RMS has estimated that the private insurance and reinsurance market loss from recent hurricane Nicole will fall below $2 billion, with its best estimate being for a $1.6 billion industry loss.

Hurricane Nicole is approaching the Florida coastline with Category 1 winds and the massive storm has continued to expand, promising impacts for a significant portion of the state, as well as the region to the north.

Tropical storm Nicole is nearing hurricane strength, having expanded again as it approaches Florida’s east coast, while hurricane warnings remain in effect for Florida, and the NHC continues to forecast the storm will become hurricane Nicole prior to making landfall.

The National Hurricane Center (NHC) warns of a “prolonged period of hazardous weather” for much of Florida state as subtropical storm Nicole has formed northeast of the Bahamas and is expected to bear down on Florida’s east coast, with near hurricane force winds seen as a possibility and storm surge likely.