Friday, October 12, 2018

Hurricane Michael insurance losses expected in the billions

Posted By on Fri, Oct 12, 2018 at 11:29 AM

click to enlarge PHOTO VIA NOAA
  • Photo via NOAA
Insured losses from Hurricane Michael could go as high as $4.5 billion, with the largest amount in residential losses, according to an early estimate by an insurance industry group.

The Property Casualty Insurers Association of America released the estimate, which put potential losses at $2 billion to $4.5 billion. Residential losses were estimated at $1.5 billion to $3 billion.

The estimates also do not include losses in the National Flood Insurance Program.

Michael made landfall midday Wednesday in the Panhandle community of Mexico Beach. Michael had 155 mph maximum sustained winds, the strongest ever recorded in the region.



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