Hurricane Michael Claims Paid Pass $1.5B: Florida Regulator

Hurricane Michael has now driven more than $1.5 billion of insurance claims paid, based on data filed by insurers that has been collected and analysed by state regulator the Florida Office of Insurance Regulation (FLOIR). As of Thursday 25th October, the number of claims filed and reported to the FLOIR had risen to almost 103,500, from which the regulator estimates insured losses of roughly $1.507 billion. That’s a 21% increase in claims filed since Friday 19th October, but a near 59% increase in claims costs, reflecting an acceleration in the closing of claims over the past week.