According to estimates from risk and analytics experts, Hurricane Ian would result in the greatest storm-related losses in Florida history—$63 billion—for US private insurance companies.
According to a report by Karen Clark & Co., the estimate takes into account losses in industrial facilities, residential and commercial real estate, and autos.
According to US property data and analytics company Corlogic, US insurers may be required to cover $28 billion to $47 billion in losses from a storm in Florida, which would be the largest losses since Hurricane Andrew in 1992.
At least 30 people were killed when Hurricane “Ian” hit Florida last Wednesday. Rescue workers are still looking for survivors among the ruins of homes as the hurricane tore Florida apart, bringing with it powerful winds and flooding homes.
The costliest hurricane in Florida history, Hurricane Ian, may be among the most powerful and expensive disasters to have hit the United States. According to Karen Clark, recovery costs include infrastructure and other expenses.
According to the National Hurricane Center, Hurricane Ian decreased but was still projected to pose a threat to areas of North Carolina, South Carolina, Virginia, and West Virginia into Saturday morning.
In states affected by hurricanes, US President Joe Biden has already approved the establishment of a disaster zone, making federal resources available to the afflicted areas.
We are only now starting to understand the scope of this destruction, he continued. It is expected to rank among the worst in the country’s history.
Hurricane Ian could cost US insurers $63 billion, according to estimates.
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