FLORIDA– According to Artemis.com, within the last week, the total claims paid out by insurers in relation to damage done by Hurricane Michael rose by 28 percent to a running total of $2.6 billion. While the claims paid increased by 28 percent, the increase in new claims was only 6 percent. The numbers indicate that the claims are being completed more quickly than new claims are coming in.
The companies are working to resolve claims as quickly as possible. At this point, companies have closed down 31.8 percent of residential property claims and have completed 13.2 percent of commercial claims.
The claim amounts are averaging less than they were a week ago as well. The average claim this week was $76,800 per claim. Last week the claims were averaging at $100,000 per claim. Estimates indicate that around 50 or 60 percent of the claims will likely be paid. The total cost will probably be between $4.8 billion and $6 billion once everything is completed.
The bulk of the claims, about 60 percent, were filed from Bay County, which was Florida’s most severely impacted county. Only 31 percent of claims from Bay County have been closed so far, indicating that a lot more will be paid out before the process is done.
There is an expectation that much of the cost will be paid by reinsurance companies.
Hurricane Michael struck Florida as a massive Category 4 storm. The wind speed reached 155 miles per hour when it pummeled Mexico Beach and Panama City. The storm continued to cause great damage with hurricane force winds into Georgia.
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