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It has been just over a month since Hurricane Michael slammed the Florida Panhandle as a Category 4 hurricane with wind speeds reaching just shy of Category 5 status.
The devastation from the storm that killed at least 35 people in Florida is still impacting residents and insured losses continue to climb as recovery efforts are in full effect and will be for some time.
“Michael saw our worst fears realized, of rapid intensification just before landfall on a part of a coastline that has never experienced a Category 4 hurricane,” University of Miami hurricane researcher Brian McNoldy said after the storm hit, as reported by The Associated Press.
The massive storm made landfall in Mexico Beach, Fla., on Oct. 10 with maximum sustained winds of 155 mph, according to catastrophe modeling firm AIR Worldwide. The minimum central pressure at landfall — a key measure of hurricane strength — was 919 mb, the third lowest on record for a U.S. hurricane, AIR said.
Michael is the most powerful hurricane to have come ashore in the Florida Panhandle since the first records were kept in 1851, said Dr. Peter Sousounis, vice president and director of meteorology, AIR Worldwide.
“Fueled by unseasonably high 84-degree sea surface temperatures in the Gulf of Mexico and unhindered by any prior landfall, Hurricane Michael rapidly intensified shortly before making landfall at close to Category 5 intensity,” Sousounis said.
Mexico Beach was “virtually obliterated” AIR said, as it was in the right eyewall of Michael where storm surge is typically the highest. In addition, the high wind speeds leveled buildings in the area, as well as took down power lines and countless trees.
Please enjoy the full article with Pictures below;
https://www.insurancejournal.com/news/southeast/2018/11/20/509157.htm
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High Republican turnout in Florida held back the predicted “blue wave” as FAIA-supported candidates scored major victories in Tuesday’s election. After spending nearly $900,000 on political campaigns in the 2018 election cycle, FAIA scored a 91.5 success rate, going four for four in Cabinet races, 13 of 14 in Senate races, and 37 of 41 in House races. The election of presumed Governor-Elect Ron DeSantis gives a huge boost to the insurance community’s hopes of combating assignment of benefits fraud.
Narrow margins mean recounts
But, this is Florida, and nearly three days after Election Day, election results are still not certified for the Governor’s race (in a machine recount), the U.S. Senate race, and the Agriculture Commissioner’s race (both in a by-hand recount). Follow Kyle Ulrich’s blog for updates.
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Total estimated insured losses from Hurricane Michael have reached more than $2.1 billion, according to the most recent data from the Florida Office of Insurance Regulation.
The current number of claims from Hurricane Michael, a Category 4 storm that hit the Florida Panhandle before continuing a path of destruction through several other Southeast states, had reached 110,183 with 26.1 percent of that total number of claims closed as of Oct. 30, 2018. OIR compiled aggregate information from claims data filed by insurers covering all claims based on filings received.
The lines of business included in the total number of claims are residential property, commercial property, private flood, business interruption and miscellaneous other lines.
Residential property losses account for the majority of the total claims at 78,045 – 57,088 of that number is homeowners claims. Only 20.7 percent of residential property claims were closed as of Oct. 30.
The percentage of commercial property claims closed was lower at 10.3 percent of the 4,471 claims received. Only 460 business interruption claims had been filed so far, with 9.1 percent of those closed to date.
Just 64 flood claims had been filed as of Oct. 30, with 37.5 percent of those claims already closed.
The Florida Department of Financial Services said in a statement Wednesday that Citizens Property Insurance Corp., the state insurer of last resort, had 3,231 claims as of Oct. 29.
Please enjoy the full article below;
https://www.insurancejournal.com/news/southeast/2018/11/01/506263.htm
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