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Zero Hedge: Hurricane Ian To Unleash Up To $70 Billion In Losses, Insurance Market Devastation And Even Bigger Spike In Inflation
Posted By: NaturalWisdom Date: Wednesday, 28-Sep-2022 23:38:24
www.rumormill.news/208400
In Response To: Boots-on-the-ground Hurricane Ian report from my Sarasota (now Bradenton) girlfriend (NaturalWisdom)
Just what the doctor (I mean Biden / Democrats / Climate Changers) ordered...
-NW
Hurricane Ian To Unleash Up To $70 Billion In Losses, Insurance Market Devastation And Even Bigger Spike In Inflation
Zero Hedge
Sep 28, 2022
[snip]
Just three weeks ago we observed how the 2022 Hurricane season had neared its halfway point without any hurricanes making landfall on the coast of the United States.
All that is about to change and with a bang...
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 $50 billion to $70 billion, according Chuck Watson, a disaster modeler with Enki Research.
That price tag, according to Bloomberg citing data from the National Oceanic and Atmospheric Administration, would make Ian among the costliest storms in US history, as the top end of that range would rank Ian as the sixth-costliest US hurricane. Difficulties in getting needed material and supplies to victims due to snagged supply chains are likely to raise costs even further.
Some insurers will likely not survive: Ian is arriving in the wake of six insolvencies among insurers that write homeowner policies in the state. According to Bloomberg, 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.
“It’s kind of the worst timing for the storm, especially if it hits Tampa Bay,” Logan McFaddin, vice president of state government relations for the American Property Casualty Insurance Association, said in an interview.
Flood damages aren’t typically covered in home policies. Instead, they fall under policies managed by the Federal Emergency Management Agency.
“If this is a major flood event, that could leave many homeowners vulnerable,” said Mark Friedlander, a spokesman for the Insurance Information Institute. “If there were major windstorm losses, other companies could be pushed in the direction of potential insolvency as well.”
State-backed Citizens Property Insurance Corp. accounts for slightly more than 10% of the Florida homeowners insurance market by premiums written. The market share is somewhat higher in some of the counties surrounding Tampa, according to Michael Peltier, a spokesman for Citizens. The insurer has been forced to take on more market share as other firms fold or cease writing policies due to rampant litigation and scams lawmakers have struggled to subdue.
Progressive has said it doesn’t want renew about 60,000 policies in the state, citing efforts to “limit growth in the coastal and hail-prone” areas while focusing on regions less prone to catastrophe losses. Florida has passed legislation that would make those exits harder; meanwhile, the company is charging more for insurance, particularly for homes with older roofs.
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FULL REPORT
RMN is an RA production.
Articles In This Thread
- Boots-on-the-ground Hurricane Ian report from my Sarasota (now Bradenton) girlfriend
NaturalWisdom -- Wednesday, 28-Sep-2022 23:14:42
- Zero Hedge: Hurricane Ian To Unleash Up To $70 Billion In Losses, Insurance Market Devastation And Even Bigger Spike In Inflation
NaturalWisdom -- Wednesday, 28-Sep-2022 23:38:24
- Ireland Clark: HURRICANE IAN FLORIDA HAARP ATTACK? [55 min video]
NaturalWisdom -- Thursday, 29-Sep-2022 00:12:13
- My Initial Thought Was Wizard of Oz Behind The Curtain--They Did It---So What Else
CrystalRiver -- Saturday, 1-Oct-2022 06:32:11
- CR, I've Had The Same 'Feeling' As You And Bonnie..
RumorMail -- Sunday, 2-Oct-2022 22:10:00
- Yup and I Know You Are Spot On Lynda!!!:) *NM*
CrystalRiver -- Sunday, 2-Oct-2022 22:10:00
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