Ian deals blow to Florida’s teetering insurance sector

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AP Business Writers

Florida’s home insurance market was already on shaky ground. It now faces an even mightier struggle after the damage caused by Hurricane Ian.

Wind and storm-surge losses from the hurricane could reach between $28 billion and $47 billion, making Ian Florida’s costliest storm since Hurricane Andrew made landfall in 1992, according to one property analytics firm.

The storm destroyed a record number of homes in Florida, the firm said.

The wreckage comes at a time when Florida’s home insurance market was already dealing with billions of dollars in losses and ever-increasing costs from a string of natural disasters, rampant litigation and increasing fraud.

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10/5/2022 1:03:25 AM (GMT -5:00)

Categories: Regional and US News