The Homes & Businesses Destroyed by Hurricane Michael

It feels as if Hurricane Irma wasn’t even that long ago and already the Southeastern United States has been struck by another tragedy. Hurricane Michael made landfall in the Florida Panhandle on Wednesday as a Category 4 hurricane. The destruction it left in its wake was reminiscent of Hurricane Irma. Areas of Florida, Georgia, and South Carolina are said to look like “a war zone”, with homes and businesses being flattened or torn apart, flooded and destroyed by the storm surge. Thousands of people are once again [Read more…]

Hurricane Irma is Costing Insurance Companies Billions of Dollars

The damage Hurricane Irma caused to Florida when it barreled through was one of the worst Floridians experienced in some time. The problems this hurricane left in its wake wouldn’t have been expected by anyone, not to mention the insurmountable damage. Hundreds of thousands of policyholders filed claims with their insurance companies for the damage that they incurred. The number of new claims have slowed down but another 18,470 claims for $755 million was submitted in just the past two months. Already, insurance damage claims in Florida have surpassed 10 billion [Read more…]

Hurricane Season Has Just Begun in Florida

It looks like there may be some hurricanes coming to Florida after all. Weather models have noticed a switch on the Atlantic hurricane season and are showing multiple areas of possible development. The storm could possibly head over to the Caribbeans and affect Florida over the Labor Day Weekend. Meteorologist, Dan Kottlowski said, “There is the potential for two or three tropical features spinning over the Atlantic by the second weekend in September.” Regardless of whether or not this happens [Read more…]

The effect Hurricane Irma had on Re-Insurers

There have been a large number of reopened claims related to Hurricane Irma. Reopened claims negatively impact re-insurers. Re-insurers are insurance companies that insure the risks of other insurance companies. Everest Re Group, Ltd., is one of the re-insurers that was negatively impacted by these reopened claims, losing more than 70 percent of their net worth. Many of the claims that they assumed were actually prematurely closed, not because they received false positives from their clients, but because their [Read more…]