Six property insurance companies have gone under in Florida this year, and more are on the verge of failing in the aftermath of Hurricane Ian.
“Is it possible more Florida companies will fail because of Hurricane Ian? Yes,” said Mark Friedlander, a spokesperson with the Insurance Information Institute, a nonpartisan research organization. “The reason why is litigation, not the actual claims that are being paid out.”
Ian dealt a major blow to Florida’s already crippled property insurance market. The Category 4 storm is expected to go down as one of the costliest in U.S. history, and that’s expected to drive more of the state’s private insurers out of business.
Ian will likely become the second costliest hurricane on record to hit the U-S — with costs to insurance companies exceeding $60 billion, Friedlander said.
“Here’s the breakdown of that $60 billion loss: We…
