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Universal estimates a loss of nearly $1 billion from Hurricane Ian



(Reuters) — Florida-based Universal Insurance Holdings Inc on Tuesday forecast a gross loss of nearly $1 billion from Hurricane Ian, some of which will be covered by its reinsurance program.

“To date, we have received approximately 18,000 claims, approximately half the number of Hurricane Irma claims received at this time,” the company said in a statement.

The property/casualty insurer’s shares rose nearly 2% in extended trading after it said the loss was well below its total reinsurance coverage of $3 billion.

According to US real estate data and analysis company CoreLogic, insurers are bracing for what could be the costliest storm in Florida since Hurricane Andrew in 1

992, with an impact estimated at between $28 billion and $47 billion.

“Hurricane Ian will forever change the real estate industry and city infrastructure. Insurance companies will go bankrupt, homeowners will be forced into delinquency, and insurance will become less available in regions like Florida,” said Tom Larsen, Assistant Vice President, Hazard & Risk Management, on CoreLogic.

Risk modeling firm Verisk said insurers could take a hit of up to $57 billion from wind, storm surge and inland flood losses from Ian’s landfall.


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