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By: Gloria Gonzalez
Total insured losses from Hurricane Michael in Florida are estimated at $1.6 billion, according to the Florida Office of Insurance Regulation.
As of Friday, 105,562 claims had been filed, with about 20% of those claims closed, according to the office.
Only 7.2% of the 4,228 commercial property claims filed have been closed to date, while 6.8% of the 370 business interruption claims have been closed, according to the office.
Fifty-nine private flood insurance claims have been filed, with 13 of those, or 32.2%, closed.
Florida Insurance Commissioner David Altmaier said during a session at the Property Casualty Insurers Association of America conference in Miami Beach, Florida, on Monday that he expects both numbers to get significantly bigger over the next few weeks “as people start to assess their damage.”
“We are going to have some questions about wind versus water coverage, and so it will be interesting to see how that impacts the claims adjudication process,” he said