Florida’s Chaotic Insurance Market Braces for Hurricane Ian

Wednesday, September 28, 2022 | Tag Cloud Tags: , , , , ,

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(Worthy News) – Hurricane Ian is bearing down on Florida, threatening to further destabilize a homeowners-insurance market already teetering on the edge of disaster.

The storm is expected to make landfall along the southwest Florida coast late Wednesday or early Thursday. While Ian’s strength and trajectory are subject to change in the coming days, one early estimate pegs potential damage and economic losses in the Tampa Bay region at $60 billion to $70 billion.

Ian, which could send seawater coursing through the streets of Tampa, is arriving in the wake of six insolvencies among insurers that write homeowner policies in the state. The largest insurers largely pulled back from the market after taking a beating from natural disasters, and the smaller firms still active there have struggled to endure losses. [ Source: Bloomberg (Read More…) ]

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