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Hurricane Ian reveals challenges of Florida’s property insurance market – report

October 3, 2022

Hurricane Ian is one of the most severe tropical cyclones to make landfall in Florida – and its resulting economic loss could break records, a new report from DBRS Morningstar has found.

The global credit rating agency has projected that economic losses from Ian are likely to surpass $50 billion – the record previously set by Hurricane Irma in 2017. DBRS Morningstar has also estimated that of that $50 billion, between $25 billion and $40 billion could be insured losses.

“Given a storm path and intensity similar to Hurricane Charley and considering the substantial increase in population and property values in Southwest Florida, economic losses could potentially reach above $50 billion, which would be a record for a Florida-centric storm,” commented DBRS Morningstar vice president of insurance Patrick Douville.

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