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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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