Florida insurance claims due to Hurricane Milton increase by $200 million

Hurricane season may officially be over, but the number of insurance claims attributed to damages caused this year by Hurricanes Helene and Milton in Florida has increased by about $200 million since the last mid-term calculation. november.

The Florida Office of Insurance Regulation (OIR) estimates the total cost of Floridians’ insurance claims due to Helene, which struck the Big Bend area on September 26, and Milton, which struck Florida’s Gulf Coast on October 9 before crossing the peninsula and flowing into the Atlantic Ocean, now stands at $5.233 billion. That’s up from the Nov. 18 figure of $5.033 billion.

The latest numbers released by OIR just before Thanksgiving show an increase only in Milton’s estimates. The figures for Hurricane Helene remained unchanged compared to those for Publication of November 18 on the agency’s website, Catastrophic loss data and reporting. So the increase in the latest report is just in Milton’s numbers, which now stand at $3.343 billion, up from the Nov. 18 figure of $3.043 billion in claims. The estimated value of Helene’s claims remains at $1.99 billion.

The number of residential property claims attributed to Milton increased to 302,581 claims filed in Florida. This is up from 285,311 Milton insurance claims reported on November 18.

Of the total claims attributed to Milton, 241,909 are residential property damage insurance claims in the state. Another 11,730 are commercial property insurance claims attributed to the mid-October storm.

OIR uses the Insurance Regulatory Filing System to compile estimates and dollar costs of lost property estimates.

Both storms had adverse consequences on the immediate employment figures. After Hurricane Helene for the week ending October 5, there was a huge increase in weekly initial unemployment claims in the state, when that weekly figure jumped to more than 8,000, according to the department American Labor (DOL). But this figure returned to more normal figures for the following week, ending October 12. Then Milton hit and new weekly unemployment figures jumped to over 10,000 for the week ending October 19.

Overall monthly unemployment figures were not affected by the storms as the October jobless rate remained at 3.1% for the seventh consecutive month, according to FloridaCommerce.

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