Hurricane Idalia claims approach $300 million

by | Oct 27, 2023

  • Hurricane Idalia’s insured losses are nearing $300 million, according to Florida’s OIR.
  • Residential properties are the most affected, with 16,532 claims, while commercial properties have 1,226 claims, and other lines of business, including flood and private automobile damage, have seen differing numbers of claims.
  • The Category 3 storm made landfall over sparsely-populated areas in the state’s Big Bend region on Aug. 30, causing significant wind and storm surge damage.

According to data from Florida’s Office of Insurance Regulation (OIR), insured losses from Hurricane Idalia are approaching $300 million.

According to the data on OIR’s site, a total of 24,250 claims have been reported since the hurricane’s landfall, totaling $287.8 million. Of these, 3,208 remain open with payments, while another 3,727 are open without any payments being made to claimants. Further, 10,546 claims have been closed with payments, and 6,769 claims closed without payments. To date, 71.4 percent of the total claims have been settled.

Residential properties have borne the brunt of the damages, with 16,532 claims filed. Specifically, homeowners have submitted 11,206 claims, of which 73.5 percent have been resolved. Mobile homeowners have reported 3,661 claims with a 75.8 percent closure rate.

Meanwhile, commercial properties account for 1,226 claims, though only 37.0 percent have been settled thus far. Moreover, the business interruption category has seen 18 claims, with a 33.3 percent resolution rate.

Private flood-related claims stand at 447, though only a fifth of these have reached closure. Diversified under the “Other Lines of Business” category, which encompasses sectors like Fire, Ocean Marine, and Private Passenger Automobile Physical Damage, a total of 6,027 claims have been lodged, with a 76.2 percent closure rate.

Despite the climbing fiscal total, actual insured losses from Hurricane Idalia continue to be well below initial projections, falling far below the multi-billion dollar projections made by industry experts Verisk and UBS.

Hurricane Idalia, a Category 3 storm, made landfall on Aug. 30 near Keaton Beach in Taylor County. While the storm mainly hit less populated areas, it wreaked havoc in smaller communities such as Perry and Cedar Key. The hurricane’s aftermath saw significant wind damage ranging from residential roof losses to extensive damage in commercial structures. Coastal areas, especially, bore the brunt of storm surge impacts with considerable damage to manufactured and residential homes.

While the current figures reflect a disparity from earlier projections, a final total has not yet been solidified. It may still be some time before all claims related to Hurricane Idalia are finalized. As the data continues to unfold, the state will gain a clearer understanding of the full economic impact of this significant weather event.


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