Irma Losses Edge Upward
The Florida Office of Insurance Regulation’s latest release on Hurricane Irma losses shows the total is nearing $10 billion. The May summary shows $9.7 billion in losses, up about $1 billion from the April information. The May summary reflects more than 987,000 claims received thus far.
Insurance companies reported that about 91 percent of residential insurance claims have been closed. This includes claims closed with payment and those closed without payment. Claims closed without payment typically involve either hurricane damage below the deductible and/or damage attributable to flood, which is not covered by the standard homeowners policy.
Approximately 68 percent of commercial claims are closed at this point. The lower closure rate reflects the more complex nature of commercial claims.