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Hurricane Michael insured losses climbs past $5.8 billion

Overall, 77.5 percent of claims had been closed.
This National Oceanic and Atmospheric Administration infrared satellite image shows Hurricane Michael approaching the Florida panhandle hours before it made landfall near Mexico Beach as a Category 4 storm and thrashed the Florida Panhandle. (NOAA via AP) [MCKENNA OXENDEN | NOAA]
Published Feb. 27
Updated Oct. 9

Insured losses from Hurricane Michael have topped $5.8 billion, while more than 22 percent of claims remained open as of Friday, according to newly posted numbers by the Florida Office of Insurance Regulation.

Estimated insured losses totaled $5,811,432,280, up from $5,687,144,604 a week earlier.

Overall, 77.5 percent of claims had been closed. But the numbers showed a wide variation in closure rates by types of insurance. For example, 86.8 percent of mobile homeowners’ claims had been closed, compared to 35.5 percent of commercial property-insurance claims and 49.1 percent of commercial residential claims.

Hurricane Michael made landfall Oct. 10 in Mexico Beach as a Category 4 storm and caused massive damage as it plowed north into Georgia.

The percentages of closed claims also varied by county as of Friday. For instance, 88.9 percent of claims had been closed in hard-hit Liberty County, and 84.9 percent had been closed in Jackson County.

Meanwhile, 72.8 percent had been closed in Bay County, and 76.5 percent had been closed in Gulf County, according to the state numbers.

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