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Number of Irma Related Insurance Claims Rises to Over 745,000

October 17th, 2017 by Jake Stofan
Insured losses from Hurricane Irma continue to rise.
The state’s insurance commissioner told the Governor and Cabinet that as of Friday, there were 747,534 claims filed with an estimated loss of 4 point 9 billion dollars.
More claims are expected says Insurance Commissioner David Altmaier.
“What we’re hearing is that we had a lot of claims… it was a high frequency low severity event… A lot of claims that aren’t costing a whole lot on an individual basis, but that are still going to add up for the carriers,” said Altmaier.
 
Some insurers will be able to tap into the state’s hurricane catastrophe fund, which operates as a reinsurance fund for companies.
The fund has more than 17 billion dollars to cover losses.

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