Residents on Sanibel Island, a small coastal community
outside Fort Myers, suffered a direct hit. A lack of
insurance could prove life-altering for them and many other
Floridians.
Hurricane Ian could cripple Florida's already-fragile
homeowners insurance market. Experts say a major storm like
Ian could push some of those insurance companies into
insolvency, making it harder for people to collect on
claims.
Major hurricane Ian’s impacts and losses are set to add to
the capital pressure experienced by Floridian primary
insurers and even the state’s new $2 billion Reinsurance to
Assist Policyholders program is unlikely to make insurers
whole again, given they now lack private reinsurance
protection.
Hurricane Ian continued to churn through central Florida
Thursday morning, leaving widespread flooding and wind
damage in its wake. It was too early to know the extent of
property insurance claims from the storm, although a few
analysts and officials offered some preliminary estimates.
Hurricane Ian certainly will cause billions of dollars in
property damage amid a crisis in Florida’s insurance market
that features withdrawal or closure of carriers and a
tightening in the availability of reinsurance — that is,
insurance for insurers.
TALLAHASSEE, Fla. (AP) — The Florida Senate on Tuesday
approved sweeping legislation that would overhaul the
state's property insurance system, which has struggled due
to insolvencies, high costs and major storms.