Insurance

Florida Insurance Companies Reveal Hurricane Debbie Loss Estimates

Florida Insurance Companies Reveal Hurricane Debbie Loss Estimates

Disasters and Floods

By Kenneth Araullo



Hurricane Debbie caused an estimated $89.5 million in insured losses, according to preliminary data provided by carriers to the Florida Office of Insurance Regulation (FLOIR).

Gallagher Re noted that water-related impacts are expected to account for the majority of insured losses in the United States, which are expected to range between $1 billion and $2 billion, describing Hurricane Debbie as “a manageable storm for the reinsurance market.”

For comparison, Gallagher Reinsurance noted that insured losses on the U.S. mainland from Category 3 Hurricane Ida last year were $1.4 billion in current dollars.

Debbie hit the Big Bend, Florida, area on Aug. 5 as a Category 1 hurricane, packing maximum sustained winds of 80 mph, according to a report from A.M. Best. The winds were less severe than initially forecast, with the primary damage coming from storm surge and inland flooding caused by the slow-moving storm, according to Gallagher Insurance.

Debby made landfall for the second time in Charleston County, South Carolina, United States, on August 8 as a tropical storm with winds of 50 mph.

State Farm reported receiving nearly 2,300 home and auto claims in Florida, Georgia, South Carolina, North Carolina and Virginia through Aug. 8, with the majority of the claims coming from Florida and Georgia, according to company spokeswoman Michelle Brewer. Most of the claims were for wind and water damage, she said.

Read more: Storm Debbie’s Remnants Lead to Rescues from Rising Waters in New York, Pennsylvania

As of August 9, property and casualty insurers reported 11,972 claims to FLOIR, and more than 7,300 of those claims involved residential properties.

The second largest class of claims filed in Florida included other lines of business, including fire, farm multi-peril, marine insurance, inland marine insurance, personal passenger automobile physical damage, commercial automobile physical damage, aircraft, glass, boiler and machinery, industrial fire, extended industrial coverage, and multi-peril crops, according to FLOIR.

In Florida, insurers reported 198 commercial property claims, 25 commercial residential claims, and three business interruption claims.

In its weekly disaster report, Aon highlighted the impact of heavy rains from Florida through the Carolinas, which caused flash flooding and at least a dozen tornadoes, damaging homes and businesses. Aon initially estimated that insured losses from Hurricane Debbie would be in the hundreds of millions of dollars.

FLOIR data also indicated that carriers reported 105 private flood claims.

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  • Storm Debbie’s Remnants Lead to Rescues from Rising Waters in New York, Pennsylvania
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