Litigation costs could add between $10 billion and $20 billion to insured losses from Hurricane Ian, according to the Insurance Information Institute.LitigationProperty
‘Based on the past history of lawsuits following Florida hurricanes and the state’s very litigious environment, we expect a large volume of lawsuits to be filed in the wake of Hurricane Ian,’ Mark Friedlander, Triple-I corporate communications director told Insurance Business.
Trial attorneys are ‘already on the ground’ and soliciting business in some of the hardest hit areas, Friedlander said.
Most lawsuits are expected to involve the distinction between flood and windstorm losses, with Ian having brought record storm surge and flooding to parts of Southwest Florida.
‘Litigation expenses could add $10 billion-$20 billion to the total insured losses from Hurricane Ian,’ Friedlander said. ‘This will be a key element in the solvency of struggling regional insurers who are already facing financial challenges.’