HCI Group says Idalia not expected to result in reinsurance recoveries

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

HCI Group, Inc. expects claims and resulting pre-tax gross losses from the impacts of Hurricane Idalia to be within the reinsurance retention limits for both Homeowners Choice Property & Casualty Insurance Company and TypTap Insurance Company.

hci-group-logo

Hurricane Idalia made landfall in Keaton Beach, Florida as a Category 3 storm on August 30, 2023.

Given the landfall location, which is far less densely populated than other parts of the Florida coast, the ultimate insured loss is expected to be far lower than initially feared.

HCI says that Idalia is not expected to require the company to utilize any of the capacity in either of its reinsurance towers.

It’s likely this will be the case for many insurers, which supports commentary from analysts that Idalia will be an earnings event for insurers.

Paresh Patel, HCI’s Chairman and Chief Executive Officer, commented, “Our thoughts go out to all who have been affected by this hurricane. Our focus at this time is on our policyholders and ensuring their claims are handled quickly and efficiently.”

The post HCI Group says Idalia not expected to result in reinsurance recoveries appeared first on ReinsuranceNe.ws.

Are you starting an INDEPENDENT agency?

Get Your Agency StartUp Checklist Today

More News

Commercial Insurance

10 industries with high workplace fatality rates.

From stress to vehicle, chemical, and overexertion injuries, slips and falls to struck-by events, the workplace can be a dangerous place to be. Some industries,

How Much Does Real Estate Business Insurance Cost?

Running your own real estate business isn’t all designer handbags and stilettos. Let’s face it, in spite of what Netflix might want us to believe,