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Home / Insurance / Cat modelers estimate Hurricane Ian’s losses could reach $47 billion

Cat modelers estimate Hurricane Ian’s losses could reach $47 billion



(Reuters) – Insurers are facing a hit of between $28 billion and $47 billion from Hurricane Ian, in what could be the costliest storm in Florida since Hurricane Andrew in 1992, according to U.S. real estate data and analytics firm CoreLogic Inc.

Wind losses for residential and commercial properties in Florida are expected to total between $22 billion and $32 billion, while insured storm surge losses are expected to total an additional $6 billion to $15 billion, according to CoreLogic.

“This is the costliest storm in Florida since Hurricane Andrew made landfall in 1992 and a record number of homes and properties were lost due to the intense and destructive nature of Hurricane Ian,”

; said Tom Larsen, executive vice president, hazard & risk management, CoreLogic.

“Hurricane Ian will forever change the real estate industry and city infrastructure. Insurance companies will go out of business, homeowners will be forced into delinquency, and insurance will become less available in regions like Florida,” he added.

More than two million homes and businesses were without power in Florida early Friday, according to local power companies, as Hurricane Ian barreled toward South Carolina and left widespread damage in the Sunshine State.

Ratings agency Fitch said Thursday that insured losses could range from $25 billion to $40 billion for Florida, which could increase depending on the impact of the storm in the Carolinas.

That compares to a $65 billion loss from Hurricane Katrina in 2005, a $15 billion loss from Winter Storm Uri in 2021, and a $36 billion loss from Hurricane Ida in 2021.

CoreLogic expects the recovery to be slow and difficult due to inflation, high interest rates and labor and material costs.


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