The parent company of Universal Property & Casualty Co., the second-largest property insurer in Florida, projects its total losses from Hurricane Ian to be about $1 billion, well below its $3 billion reinsurance coverage.
The statement came a week after Citizens Property Insurance Corp., the largest in the state, revised its projected losses downward to no more than $2.6 billion. The relatively mild numbers have made some wonder if Ian could turn out to be less costly to the industry than initially feared. Some recent estimates of total industry-wide losses from Ian have been as high as $47 billion in Florida.
