The Florida Office of Insurance Regulation (FLOIR) has published a new insured loss estimate for Hurricane Debby based on data as of September 6.
Compiled from insurers’ reports to FLOIR, the total estimated insured losses are now pegged at $121,499,907. The sum consists of payments already made as well as indemnity case reserves.
Residential property continues to be the biggest source of the claims. Of the 19,973 total, 12,814 came from residential property, which is made up of homeowners’, dwelling, mobile homeowners, and commercial residential. The majority (10,411) of the residential property claims were from the homeowners’ segment.
Meanwhile other lines of business – spanning fire, farmowners’ multi-peril, ocean marine, inland marine, private passenger automobile physical damage, commercial auto physical damage, aircraft, glass, boiler and machinery, industrial fire, industrial extended coverage, and multi-peril crop – contributed 6,354 claims.
The rest of the claims were registered under commercial property (593), private flood (207), and business interruption (five).
Of the total reported claims, more than half (59.6%) have been closed.
James Eck, vice president and senior credit officer for the financial institutions group at Moody’s Ratings, previously commented: “We expect a majority of insured losses from Hurricane Debby to fall within primary insurers’ retentions under their reinsurance coverages.
“In general, primary insurers are retaining more risk this hurricane season as attachment points – the threshold at which a policy begins to cover a loss – have moved higher over the past few years, with primary companies taking on more of the loss burden from reinsurers for small to midsize catastrophe events.”
Hurricane Debby hit the US in early August. In a separate weather event, historic rainfall was recorded in Connecticut’s Fairfield, Litchfield, and New Haven Counties and New York’s Long Island on August 18 and 19.
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