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Hurricane Michael's insured losses likely to exceed $7.1B, regulator says

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Hurricane Michael's insured losses likely to exceed $7.1B, regulator says

The Florida Office of Insurance Regulation estimated that, as of Sept. 27, Hurricane Michael has caused more than $7.1 billion in insured losses.

Of the 149,448 total claims filed in the storm's aftermath, insurers have closed 132,201, or about 88.4% of them.

Out of that total, 110,979 claims were closed with payment, 21,122 were closed without payment and 12,145 personal residential claims remain open. Bay County was the most severely impacted area with 89,519 claims, accounting for almost 60% of all claims filed. Jackson County had 14,021 claims, Leon County had 10,191 claims and Gulf County had 8,306 claims.

Of the more than $6.7 billion in paid losses, homeowners coverage represents 47%, or $3.2 billion of paid claims. This was followed by commercial property at 25%, or $1.7 billion. Paid losses are indemnity payments that exclude adjustment expense.

Hurricane Irma in 2017 produced more than a million claims in Florida, costing over $10.8 billion with an average claims cost of $10,800. Michael, with 149,448 claims, has produced over $6.7 billion in paid losses with an average claims cost of $44,831.

Hurricane Michael made landfall as a Category 5 hurricane on the Florida Panhandle on Oct. 10, 2018.