Wednesday, April 11, 2018

Hurricane Irma insurance losses in Florida pegged at nearly $7.4 billion

Posted By on Wed, Apr 11, 2018 at 11:30 AM

click to enlarge PHOTO BY JOEY ROULETTE
  • Photo by Joey Roulette
New insurance-loss estimates from Hurricane Irma total nearly $7.38 billion, down more than $600 million from a February estimate as claims continue to be filed and closed, according to information posted by the state Office of Insurance Regulation.

The vast majority of claims involve residential property, with most in southern parts of the state. Irma barreled up the peninsula after making landfall Sept. 10 in Cudjoe Key, less than 30 miles northeast of Key West, and making a second landfall in Collier County.

More than 56 percent of claims have been closed with some payment. Another 32 percent were closed without money changing hands, often because damage totals fell below hurricane deductibles. The state doesn’t release figures for individual companies.

State-backed Citizens Property Insurance this month noted that it was revisiting about one-third of its 66,761 claims from the storm. Reopened claims include properties with extensive damage, disputed claims and those in which contractors have not provided estimates for repairs.

Citizens had closed about 90 percent of its claims from the September storm and had made payments on about 54 percent of the closed claims. The company has incurred losses —- paid plus reserves —- of $845 million.

Citizens officials in September anticipated its claims reaching $1.2 billion. The overall number of claims statewide had reached 924,439 as of Friday, according to the new report.

Overall, insurance companies had closed 90.1 percent of residential claims but just 58.2 percent of commercial-property claims. Across the state, more than 20,000 claims had been filed in 15 different counties, topped by 120,921 in Miami-Dade, 77,434 in Collier, 77,039 in Broward, 73,314 in Lee and 71,572 in Orange.

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