Flood, water damage help make Hurricane Ian 2nd most damaging storm of all time

  • One of the world’s leading insurance analytics companies says Ian is the 2nd most damaging storm of all time in terms of insured losses
  • Ian currently holds the world record for 2022’s single worst weather-related catastrophe, topping winter storms, hail, and flooding events across the globe
  • The report estimates total insured losses at $50-65 billion
  • Flood insurance claims are approaching $1 billion
  • Lawmakers meet December 12 to address Florida’s worsening property insurance crisis

A new informe from one of the world’s leading industry analytics companies estimates Hurricane Ian to be the second-costliest insured loss ever, second only 2005’s Hurricane Katrina. The report, issued by Zurich-based Swiss Re, estimated preliminary insured losses in the range of $50-65 billion. The company pointed to Florida’s coastal development as part of the reason for the high cost.

“Urban development, wealth accumulation in disaster-prone areas, inflation and climate change are key factors at play, turning extreme weather into ever rising natural catastrophe losses,” said Martin Bertogg, who leads the company’s Catastrophe Perils analysis division at Swiss Re. “When Hurricane Andrew struck 30 years ago, a $20 billion loss event had never occurred before,” Bertogg noted. “Now there have been seven such hurricanes in just the past six years.”

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