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With $3B-$5B in losses, Idalia is ‘warning call’ for Tampa Bay, firm says

The update did not break down potential insured losses in Florida and other states.
 
A home which came off its blocks sits partially submerged in a canal, in Horseshoe Beach on Friday, two days after the passage of Hurricane Idalia.
A home which came off its blocks sits partially submerged in a canal, in Horseshoe Beach on Friday, two days after the passage of Hurricane Idalia. [ REBECCA BLACKWELL | AP ]
Published Sept. 2, 2023

Saying the insurance industry “dodged a bullet,” a reinsurance firm Thursday estimated that Hurricane Idalia caused $3 billion to $5 billion in insured losses.

The firm, BMS, pointed to Idalia making landfall Wednesday in the Keaton Beach area of rural Taylor County before moving through other sparsely populated areas of North Florida.

“In reality, the insurance industry dodged a bullet as Idalia tracked over relatively rural areas with low population density,” an analysis posted on the BMS website said.

The update did not break down potential insured losses in Florida and other states.

After moving through North Florida, Idalia went into Georgia and South Carolina. While Idalia did not go through heavily populated areas, BMS said it showed potential far-reaching effects of future storms.

“The tidal flooding all the way down to Bradenton, FL reveals that the impacts from named storms can be far-reaching beyond the destructive center of the storm and the cone of uncertainty,” the analysis said. “This should be a warning call for what will happen when a major hurricane strikes the Tampa Bay area.”

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