According to recent CoreLogic statistics, following two hurricanes striking Florida, the wind and flooding caused by Hurricane Irma led to USD 65 billion in losses. Residential property losses are estimated at USD 38 billion, including storm surge, inland and flash flooding across five states: Florida, Alabama, Georgia, North Carolina and South Carolina.
80% of the losses were caused by uninsured flood damage; insured commercial property losses are expected to be up to USD 8 billion.
AIR Worldwide estimates nationwide insured losses in the US from Irma at USD 25–35 billion, making it the costliest hurricane disaster in US history.
Catastrophe models analyze an 80-mile hurricane-force wind field around the storm's eye, with tropical-storm-force winds extending over 400 miles—covering the entire state and affecting the Atlantic and Gulf coastlines.
Across southern Florida, fallen trees, utility poles, flooding and debris-strewn streets are everywhere.
Karen Clark & Company estimates losses in the US and Caribbean at USD 25 billion, of which USD 18 billion are losses to the US insurance industry. The main losses occurred in Florida, followed by Georgia, South Carolina and Alabama.
As of September 21, the Florida insurance regulator reported 397,000 residential property loss claims, with 17,000 claims already processed. Covering various types of losses, total losses are estimated at USD 3 billion on average.
A.M. Best data show that Florida's largest homeowners insurers are Universal Insurance Holdings, Tower Hill Group, State Farm, Federated National Insurance Company and Citizens Property Insurance Corporation.
Universal Property & Casualty Insurance Company reported capital surplus of more than USD 300 million, and its catastrophe reinsurance program provides USD 2.55 billion of coverage for disasters like Irma. The insurer expects Irma losses to fall far below its catastrophe insurance coverage limits.
As of September 14, State Farm reported receiving 26,700 homeowners claims and 7,700 auto claims caused by Irma.
Federated National Insurance Company and Monarch National Insurance Company (partly owned by Federated National) both write insurance in Florida. Both companies have each purchased catastrophe insurance. Federated National's pre-tax retention for a single-event catastrophe is USD 18 million; Monarch National's reinsurance program covers Florida risks, and all personal-lines risks are prepaid under an automatic reinstatement protection program, giving it additional protection capacity. Neither company has disclosed Irma claims.
Citizens Property Insurance Corporation opened a catastrophe response center in Florida to handle Irma claims. This state-owned insurer has also not disclosed claims data.