Hurricane insured losses hit $6.9 billion
A U.S. Customs and Border Protection helicopter surveys the damage wrought by Hurricane Michael over Mexico Beach, Florida. October 11, 2018. Photo by James E. Wyatt.
TALLAHASSEE, Fla. (NEWS SERVICE FLORIDA) - With nearly 14 percent of claims still unresolved, estimated insured losses from last year’s Hurricane Michael have topped $6.9 billion, according to newly posted figures by the state Office of Insurance Regulation.
As of Friday, estimated insured losses were $6,906,918,311, up about $250 million from a report at the end of June. In all, 148,347 claims had been filed from the Category 5 hurricane, which made landfall Oct. 10 in Mexico Beach and caused massive damage in parts of the Panhandle.
As of Friday, 20,484 claims, or 13.8 percent, remained open, the state numbers show. Insurance Commissioner David Altmaier expressed concerns last week to Gov. Ron DeSantis and the state Cabinet about the number of unresolved claims.
“From a regulatory standpoint, we’ve made it clear to the industry that we will look very unfavorably on any insurance company who appears to be dragging their feet, so to speak, in their efforts to close these claims,” Altmaier said. “I know the industry is aware their reputation is at stake here.” Bay County has had 88,830 claims, with 17 percent remaining open as of Friday.
The News Service of Florida contributed to this report.