Florida: Latest Statistics Show Four Hurricanes in 2004 Caused Losses of $21.47 Billion in Property Damage
The four hurricanes that struck Florida in August and September 2004 caused an estimated expected gross loss of $21.47 billion in property damage, according to the latest statistics released by the Office of Insurance Regulation (OIR).
In its Jan. 20 report, the OIR also reported that insures handled a total of 1,590,057 claims as a result of the storms. The figures in the report are based on weekly summaries that insurers were required to submit to OIR following the hurricanes.
Although Hurricane Francis, which struck on Sept. 3, reported the most claims, 523,090, it was Hurricane Charley on Aug. 13 that caused the most property damage, slightly over $8 billion. For that storm, insurers spent an average of 32 days adjusting claims and an average of 37 days in closing claims.
Citizens Property Insurance Corporation, the insurer of last resort, handled about 7 percent of all claims (115,785) and had an estimated expected gross loss of $1.81 billion.
The OIR report also notes that at least 15 insurers have received commitments for, or have received additional capital to support ongoing operations. These amounts are at present in excess of $1 billion. Information from Lloyds is also included in the report. They report handled 4,950 claims at an estimated expected gross loss of $1.387 billion.
Meanwhile, Chief Financial Officer Tom Gallagher announced today that more than 400 checks totaling $600,000 will be sent out this week to the first homeowners eligible for the state's Multiple Deductible Reimbursement Program, which was created by the Legislature in December to help individuals who had more multiple claims as a result of the four hurricanes.
Gallagher added that his Department has received more than 11,000 applications for the Program in the past 10 days.
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