Hurricane Ian claims data shows cost to insurers of almost $12.6bn: FLOIR

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The Florida Office of Insurance Regulation (OIR) has released an updated insured loss estimate based on claims data submitted by primary insurers in the state following hurricane Ian, which now totals at almost $12.6 billion.

According to data, there have been approximately 669,639 claims filed in Florida after hurricane Ian so far, with 69.2% closed.

Of the 669,639  Ian claims now filed, some 463,979 involve residential property.

Just 29,433 involve commercial property claims, though out of that category, only 30% have been closed, compared to 68.4% of residential property claims.

Since we last covered OIR’s data at the end of November, there has been a $2.3 billion increase in the cost to insurers.

The largest proportion of claims geographically remains in Lee County Florida, where hurricane Ian made its landfall and where damage has typically been seen to be most severe.

Here, there have been 238,633 claims filed, with 68.1% closed.

This is an improvement on last month’s data, where only 48.7% of claims were closed of the 229,259 filed.

At almost $12.6 billion, the claims total reported by the Florida OIR still remains well below any of the industry loss estimates for hurricane Ian, being based on unaudited aggregate information collected from claims data filed with the regulator by insurers.

The aforementioned data represents the OIR’s latest hurricane Ian information, as of December 21, 2022.

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