The Florida Office of Insurance Regulation (OIR) today released an analysis entitled, “One Year Later: Hurricane Michael’s Impact on Florida,” providing a current narrative of the impact of Hurricane Michael on Florida.
“As we mark the one-year anniversary of Hurricane Michael, OIR recognizes the tremendous work that still needs to be done to close insurance claims and allow Florida’s Panhandle residents and business owners to rebuild and recover from this devastating storm,” said Insurance Commissioner David Altmaier.
Since Hurricane Michael made landfall in October 2018, OIR has completed 44 data calls, reflecting an analysis of 400 companies. As of September 27, 2019, Hurricane Michael has produced 149,448 claims with over $7.1 billion in estimated insured losses. Bay County was most severely impacted by Hurricane Michael, with 89,519 claims accounting for almost 60% of all claims filed.
Policyholders have continued to file new claims through the latest reporting period, including 1,571 in the last 90 days. It is important to note that 627.70132, Florida Statutes, allows policyholders to file a claim within three years of the hurricane’s initial landfall or when the windstorm caused the covered damage, in accordance with the terms of the policy.
The site containing the analysis can be accessed here.
About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website or follow us on Twitter @FLOIR_comm.