Hurricane Ian Claims Data Shows Cost to Insurers of Almost $10.3B: FLOIR

Source: Reinsurance News | Published on November 29, 2022

Florida damage

According to the Florida Office of Insurance Regulation (OIR), insured losses estimated from claims data submitted by primary insurers in the state following Hurricane Ian now total nearly $10.3 billion.

There are approximately 640,496 claims filed in Florida following Hurricane Ian, with 52.5% already closed.

There are currently 640,496 hurricane Ian claims filed, with 443,658 involving residential property.

Only 26,468 commercial property claims have been closed, with only 22% of those closed, compared to 51.4% of residential property claims.

Geographically, the largest proportion of claims are in Lee County, Florida, where hurricane Ian made landfall and where damage has typically been seen to be the most severe. So far, 229,259 claims have been filed in this jurisdiction, with only 48.7% of them being resolved.

The claims total reported by the Florida OIR remains well below any industry loss estimates for hurricane Ian, at nearly $10.3 billion, based on unaudited aggregate information collected from claims data filed with the regulator by insurers.

The FLOIR updated its estimate for hurricane Ian’s insured losses to just over $7.13 billion last month, based on claims filed at the time. Three weeks ago, the figure was around $8.7 billion, and one week ago, it was $9.6 billion.

The Florida OIR has also reported on recent hurricane Nicole claims, which currently stand at 14,389 in number.

19.3% of these have already been closed, with a total claim cost of $132.4 million reported to date.