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Hurricane Irma claims reach $2.75bn in Florida

September 21, 2017

Insurers in Florida have received more than 450,000 claims totalling $2.75bn from Hurricane Irma in the week following the natural catastrophe, according to data compiled by the Florida Office of Insurance Regulation (FLOIR).

As of 4pm local time on 19 September, the state industry regulator said it had received a total of 452,205 claims covering filings up to this time, with the vast majority emanating from the east coast of Florida. Miami-Dade, Broward, and Palm Beach were among the areas where more than 10,000 claims have already been received.

The bulk of claims lodged were for homeowner property policies, comprising 320,224 claims in total and making up around 80 percent of all residential property claims, with the remainder attributed to dwelling (41,937), mobile homeowners (28,169) and commercial residential (2,637) filings.

Meanwhile, some 14,879 commercial property claims had been filed, with 799 private flood claims and 789 business interruption filings.

Around 7.4 percent claims filed to date have been closed, including 12,709 that were not paid.

On 19 September, data analytics provider CoreLogic estimated that US insured property losses from Hurricane Irma could reach up to $27bn. In contrast, AIR Worldwide has projected US losses (excluding NFIP claims) at between $25bn and $35bn while Karen Clark and Company has estimated $18bn of claims.