Another estimate for the eventual insurance and perhaps reinsurance market loss from hurricane Idalia has been released, with Moody's RMS opting for a $3 billion to $5 billion range.

Insurers were expected to face claims for billions of dollars from Hurricane Idalia which made landfall in Florida on Wednesday, adding to a challenging year for the industry that could result in higher premiums for customers.

Hurricane Idalia struck the United States' southeastern coast this morning, making landfall as a Category 3 hurricane with sustained winds of 125 mph.

As tropical storm Idalia continues to develop, the latest from the NHC forecasts a Category 3 major hurricane Idalia will approach the Florida coastline, leading BMS Senior Meteorologist Andrew Siffert to highlight the potential for any storm of this kind to be a multi-billion dollar insurance and reinsurance market loss event.

Two storms were intensifying Monday as the Atlantic hurricane season was getting into full swing. Tropical Storm Idalia was off the coast of Cuba on a potential track to come ashore as a major hurricane in the southern U.S., the National Hurricane Center said.

Meteorologists at the National Hurricane Center have raised the alert for a potential tropical depression formation in the Northwestern Caribbean Sea to 60 percent, with early projections indicating a path toward Florida's panhandle.

Citizens Property Insurance Company CEO Tim Cerio indicated on Tuesday night during a property insurance online forum with Senate Democrats that the company may be unable to pay out claims following another catastrophic hurricane without the use of surcharges for policy holders and assessments on Floridian taxpayers.

Florida's ongoing battle with rising insurance rates has taken a new turn as the Florida Office of Insurance Regulation has taken a stand against Citizens Property Insurance Corporation's latest proposed rate increase.

Another Florida homeowners' insurer insolvency could be on the horizon, and it could be the biggest the state has seen this year, according to the Insurance Information Institute (Triple-i).

Florida's Office of Insurance Regulation (OIR) this week granted authorization to Mainsail Insurance Company, a property and casualty insurer headquartered in Texas, to function as a domestic insurer within the state.

Skyrocketing home insurance rates in Florida have become a massive problem for many property owners in the state who are struggling to be able to find coverage they can afford. The state has been teetering on the edge of crisis, and the situation is continuing to worsen recently.

According to Citizens Property Insurance Corporation, the state's insurer of last resort, it is projected to hit a record 1.7 million home insurance policies by the end of the year.

The Florida Office of Insurance Regulation (OIR) has announced measures to ensure Florida insurers are well-equipped to handle claims in the wake of catastrophic events. As part of their compliance efforts, each authorized residential property insurer must possess a claims-handling manual that adheres to the provisions set forth by Florida law.

A Florida jury has ruled that $800,000 in damages should be awarded to the family of a girl that alleged hot chicken nuggets from a local McDonald's franchise left her severely burned.

Days after a major insurance provider announced it was pulling out of Florida due to environmental risks, State Farm Insurance announced Thursday it is recommitting itself to the residents of the state, NewsNation has learned.