The Florida Office of Insurance Regulation (FLOIR) has published the updated loss estimates for Hurricane Debby based on information submitted by insurers.
On August 23, the total estimated insured losses stood at $119,487,811. The figure includes both payments already made and indemnity case reserves.
According to FLOIR’s data, residential property makes up the bulk of the claims, with 11,480 coming from this segment. Second in line is other lines of business, contributing 5,951 claims to the 18,098 total. The other claims are from commercial property (475), private flood (189), and business interruption (three).
Fire, farmowners’ multi-peril, ocean marine, inland marine, private passenger automobile physical damage, commercial auto physical damage, aircraft, glass, boiler and machinery, industrial fire, industrial extended coverage, and multi-peril crop fall under the other-lines-of-business category.
Residential property, meanwhile, spans homeowners’, dwelling, mobile homeowners, and commercial residential. Of these, homeowners’ produced the most number of claims, at 9,356 out of the 11,480 sum for residential property.
Less than half (39.1%) of all claims have been closed.
In an earlier statement, James Eck, vice president and senior credit officer for the financial institutions group at Moody’s Ratings, commented: “We expect a majority of insured losses from Hurricane Debby to fall within primary insurers’ retentions under their reinsurance coverages.
“In general, primary insurers are retaining more risk this hurricane season as attachment points – the threshold at which a policy begins to cover a loss – have moved higher over the past few years, with primary companies taking on more of the loss burden from reinsurers for small to midsize catastrophe events.”
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