Home News Hurricane Ian Aiming for Florida’s Big Bend Area; Property Losses Could Be Significant

Hurricane Ian Aiming for Florida’s Big Bend Area; Property Losses Could Be Significant

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Florida’s governor has declared a statewide state of emergency days before a hurricane named Ian is expected to make landfall, fearing massive weather losses in one of the most difficult times for the industry. It raises the fear level of property insurance companies.

Gov. Ron DeSantis’ Proclamation Also Activated preliminary report State insurance regulators remind health and workers’ compensation companies to allow early refills of prescription drugs.

Insurers licensed by the OIR “should waive time limits on prescription drug refills, including the suspension of electronic ‘too early’ refills to pharmacies,” according to the Office. said.

The impending storm also forced a postponement of the Florida Department of Workers Compensation’s workshop on physician dispensing rules set Thursday in Tallahassee.

The National Hurricane Center expects Ian to become a major hurricane before making landfall by Thursday. A steering current has occurred. These factors will make the storm even stronger, reports the Miami Herald.

A report from reinsurer Guy Carpenter said a variety of landfall scenarios from the southwest Florida peninsula to the western Florida Panhandle are highly likely this week.

“At the moment, the right message for people living in Florida is to watch the forecast and prepare for potential impacts from this tropical system,” said John Cangiarosi, a senior hurricane expert at the Miami-based NHC. There is,” said Associated Press.

The NHC forecast splits the difference with trucks passing through the Florida Big Bend region, an area far from the largest cities but still vulnerable to residential and commercial losses. To understand the potential for property damage in the region, Insurance Journal examined data from insurers’ OIR quarterly reports and supplemental reports. In his eight coastal counties in the Big Bend area, Citizens Property Insurance Corporation, the state’s largest real estate agent, held more than 27,400 policies at the end of the second quarter of this year. This equates to billions of dollars of exposure.

In Wakulla, a sparsely populated county in the region just south of the state capital, Tallahassee, Citizens implemented about 488 policies. Total exposure, including wind coverage, is approximately $91 million. Since the second quarter report, exposure has increased sharply in many areas. In Hernando County, near Tampa, for example, Citizens currently has 22,628 policies and an exposure of about $8.2 billion, a Citizens spokesman said Monday.

Even if hurricanes weren’t as powerful as the big storms of the past few years, rising material costs could mean huge costs for insurers.

Reportedly, if the storm tilts slightly east, it could affect the Tampa Bay region, home to about 3 million people, an area particularly vulnerable to storm surges and coastal flooding.

People waited in line when the Home Depot in Pinellas Park, near Tampa, opened at 6 a.m., reported the Tampa Bay Times. Store manager Wendy McLini said the store had sold 600 cases of water by early afternoon and had run out of generators.

People were also buying plywood to cover their windows. “It’s better to have but not need than not need to,” Pinellas’ Matt his Bieber at his park told The Times.

With the governor’s proclamation, emergency protection funds have been released and members of the Florida National Guard have taken action, his office said. His order highlights the risk of storm surges, flooding, treacherous winds, and other weather conditions across the state.

Elsewhere, powerful Tropical Storm Fiona made landfall in Nova Scotia, Atlantic Canada, early Saturday morning. The storm washed homes into the sea, ripped roofs off others, brought power outages to much of her two provinces in Canada, and affected more than 500,000 of her customers at the height of the storm.

Graphics: Probability wind map for Hurricane Ian. Purple indicates a 90% or greater chance of strong tropical storm winds (39 mph or greater). Source: National Weather Service, as of early morning Sept. 26.

Copyright 2022 Associated Press. all rights reserved. This material may not be published, broadcast, rewritten or redistributed.

topic
Catastrophe
Natural disasters
Florida
profit loss
property
hurricane

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