trending Market Intelligence /marketintelligence/en/news-insights/trending/ayKJW7_DVAZBn7sWibU5Qw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

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

Infrastructure Issues: Tools to Dig Deep on Potential Risks

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report

Fintech

Fintech Funding Flows To Insurtech In February


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.