Private insured losses from Hurricane Ian are projected to reach near $63 billion, with $200 million coming from damages in the Caribbean and the remaining from wind, storm surge and inland flooding in the U.S., according to Karen Clark & Co. (KCC) Based on its projections, KCC reported Hurricane Ian will be the largest hurricane-related loss event in Florida history, in nominal dollars. The early estimates exclude National Flood Insurance Program (NFIP) losses as well as damages to boats, offshore properties, and uninsured wind and flood losses. While Hurricane Ian is anticipated to result in big losses given its size and intensity, S&P Global Ratings reported that the insurance industry should be able to manage insured losses. According to S&P Global Ratings, Citizens Property Insurance Corp. has estimated that it expects insured losses of about $3. 8 billion, which implies an industrywide loss of around $30 billion. Fitch Ratings reported that Citizens, which has a leading market share in personal and commercial lines in Florida, should be able to manage the losses from Hurricane Ian. However, the strain from Ian and the state-backed insurer's continued growth adds vulnerability to the market for the next natural catastrophe. Hurricane Ian will be a reinsurance loss event for the Florida Hurricane Catastrophe Fund, but not a significant event for private market reinsurers, according to Fitch Ratings. Further, most national large national underwriters do not hold a substantial market share in Florida and have been reducing policy counts to better manage exposure and reinsurance costs. CoreLogic reported storm surge flooding in Florida is anticipated to result in losses ranging from $6 billion to $15 billion for both National Flood Insurance Program and private flood markets. According to the Insurance Information Institute, Florida has the largest share of private flood policies, accounting for 16.3% of the U.S. market. The state also accounts for 35% of NFIP policyholders, the highest percentage of any state with more than 1.6 million policies, Fitch Ratings reported. As it stands, private reinsurers are likely to be the most exposed to losses from the NFIP's catastrophe reinsurance, according to Fitch Ratings. If Ian's flood losses are similar in scope to those following Hurricane Harvey, private market reinsurers could be liable for up to $1.1 billion. The above slideshow reveals where Hurricane Ian ranks among the 10 most costly hurricanes to make landfall in the U.S., according to the Insurance Information Institute. Related: |

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