Damage From Hurricane Ian Expected To Exceed $50B

CNN reports:

The devastation wrought by Hurricane Ian likely caused more than $50 billion in damages — and also dinged overall US economic output, economists say.

Initial damages from the deadly storm are estimated to be in the range of $45 billion to $55 billion in Florida and at least several billion dollars in South Carolina, according to Laura Ratz, an economist with Moody’s Analytics.

The hurricane’s impact on local municipalities in Florida and South Carolina is so severe that it is expected to slash third-quarter economic growth in those states by 3 percentage points and 2 percentage points, respectively, according to Oxford Economics.

Florida Politics reports:

Less than a week after Hurricane Ian slammed into Southwest Florida, insurers have reported receiving 222,261 claims worth more than $1.6 billion in losses. That number will grow in the weeks and months ahead, bludgeoning an already fragile property insurance market.

The latest data from the Office of Insurance Regulation show 74% of the claims, 165,008, are for residential property, and 136,465 of those are typical residential policies. Another 3,249 claims are for commercial property. Much of the rest of the claims, 53,251, are for auto policies, crop insurance or industrial policies.