Insurers are bracing for a hit of between $28 billion and $47 billion from Hurricane Ian, in what could be the costliest Florida storm since Hurricane Andrew in 1992, according to U.S. property data and analytics company CoreLogic, Reuters reported. Wind losses for residential and commercial properties in Florida are expected to be between $22 billion and $32 billion, while insured storm surge losses are expected to be an additional $6 billion to $15 billion, according to CoreLogic. "This is the costliest Florida storm since Hurricane Andrew made landfall in 1992 and a record number of homes and properties were lost," said Tom Larsen, associate vice president, hazard & risk management, CoreLogic. More than two million homes and businesses were without power in Florida early on Friday, as Hurricane Ian barreled toward South Carolina leaving behind widespread damage in the Sunshine State. The insurance industry also expects tourism sector losses in Florida. Read more.
ABI's thoughts are with the residents of Florida and other regions who have been affected by the flooding and destruction caused by Hurricane Ian. Read a note by ABI Executive Director Amy Quackenboss about ways to support the victims of Hurricane Ian in whatever way you can.
