FL: Hurricane Michael Claims Exceed $6.2 Billion
The Florida Office of Insurance Regulation (OIR) says loss estimates from Hurricane Michael exceeded $6.2 billion as the number of claims continue to rise. Florida insurers took in almost 145,000 claims since Oct. 10, when the Category 4 storm made landfall on the state's Panhandle. The insured loss amount increased from the nearly $6.1 billion reported through March 15. Insurers reported closing 81.5% of overall claims filed through April 5. OIR data shows that 95,834 of total claims filed were for residential property. Insurer of last resort Citizens Property Insurance Corp. says it will seek $200 million in reinsurance coverage for the 2019 hurricane season to protect surplus lines exposed to storm risk in inland areas.