Ian deals blow to Florida’s teetering insurance sector
By DEE-ANN DURBIN and ANNE D’INNOCENZIO
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.
(Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)
10/5/2022 1:03:25 AM (GMT -5:00)