Latest flooding in south Florida induced insured losses within the a whole lot of thousands and thousands of {dollars}, from auto and owners claims, Aon and AM Finest reported.
The Florida Workplace of Insurance coverage Regulation can also be reminding insurers to file simplified disaster reporting kinds each week, from June 26 to July 17. The info on claims from the June 11 tropical disturbance is required by Florida regulation. The simplified type doesn’t embody the “survey” tab, OIR mentioned in a bulletin. Extra info is offered on the OIR website.
The storm dumped as a lot as 20 inches of rain on components of Miami-Dade and Broward counties, state authorities mentioned, however the flooding to properties will not be anticipated to set off a federal catastrophe recognition. Gov. Ron DeSantis declared a state emergency in these two counties in addition to Collier, Lee and Sarasota counties on Florida’s western flank.
Auto claims from excessive waters have mounted, with State Farm, one of many largest auto insurers within the state, reporting greater than 1,200 claims within the final week, a spokesman told the AM Best monetary ranking and analytics agency.
The 5 largest writers of passenger auto insurance coverage in Florida in 2023, based mostly on direct premiums written, had been: Progressive Insurance coverage Group, with a 22.85% market share; Berkshire Hathaway Insurance coverage Group, which incorporates GEICO and different corporations, with 21.12%; State Farm Group, 16.51%; Allstate Insurance coverage Group, 10.28% and USAA Group, 6.95%; in line with AM Finest’s BestLink.
The variety of Nationwide Flood Insurance coverage Program claims that had been filed because of the storm weren’t accessible.
The rains final week might foreshadow extra storm occasions for 2024, which forecasters have predicted might convey the next variety of hurricanes within the unusually heat Atlantic basin.
Picture: A part of northeast Miami-Dade County on June 13, 2024. (AP Picture/Daniel Kozin)
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