- Florida-based Universal Insurance Holdings predicted a gross loss of some $1 billion as a consequence of claims filed after Hurricane Ian struck
- After noting that the loss was properly under its $3 billion total reinsurance protection, the corporate’s shares rose practically 2 p.c
- American property knowledge and analytics firm CoreLogic stated insurers are bracing for probably the most expensive Florida storm since Hurricane Andrew in 1992, with a complete monetary impression estimated to be between $28 and $47 billion
MIAMI, Florida: Florida-based Universal Insurance Holdings predicted a gross loss of some $1 billion as a consequence of claims filed after Hurricane Ian struck.
“To date, we have received approximately 18,000 claims, roughly half the number of Hurricane Irma claims received at this point,” stated Universal Insurance.
After noting that the loss was properly under its $3 billion total reinsurance protection, the corporate’s shares rose practically 2 p.c.
American property knowledge and analytics firm CoreLogic stated insurers are bracing for probably the most expensive Florida storm since Hurricane Andrew in 1992, with a complete monetary impression estimated to be between $28 and $47 billion.
“Hurricane Ian will forever change the real estate industry and city infrastructure. Insurers will go into bankruptcy, homeowners will be forced into delinquency and insurance will become less accessible in regions like Florida,” stated Tom Larsen of CoreLogic, as quoted by Reuters.
According to threat modeling agency Verisk, because of wind, storm surges and inland flood losses brought on by Ian, insurers could pay claims of as much as $57 billion.
As of 2nd October, a minimum of 85 deaths ensuing from Ian have been confirmed alongside Florida’s Gulf Coast, and residents in Florida and the Carolinas are going through restoration prices totaling tens of billions of {dollars}.
