Citizens Updates Hurricane Ian Estimates Roy / Friday, November 18, 2022 / Categories: Storms, Hurricanes, Citizens - Florida Citizens Press Release November 15, 2022 - Tallahassee Citizens Property Insurance Corporation has updated its Hurricane Ian estimates to reflect additional costs expected from litigation and other claims-related expenses. Citizens estimates that direct losses and loss adjustment expenses will total $3.8 billion from the Category 4 storm that slammed into Southwest Florida on September 28, 2022. This represents a significant increase over the preliminary estimate of $2.3 billion to $2.6 billion, which was based strictly on the results of a single hurricane model. The revised projection of $3.8 billion incorporates the results of a second hurricane model, considers the actual claims activity to date, and includes additional provisions for litigation costs and inflation. Of the $3.8 billion direct losses and loss adjustment expenses, the revised projection anticipates that $1.4 billion will be ceded to the Florida Hurricane Catastrophe Fund (FHCF) and private reinsurance. The catastrophe bonds Citizens has in place are not expected to be triggered. After the consideration of this reinsurance, the net impact to Citizens’ surplus is $2.4 billion. The source of the above is a Citizens Press Release, a link to the source is provided below Image from the CatAdjuster.org gallery of prior hurricane damage but is not Ian Damage Tags CitizensHurricane IanInsurance Claims More links Citizens Updates Hurricane Ian Estimates Citizens Press Release Related articles Seeking Tampa Property Field Appraisal Adjusters for Citizens FEMA Projects Up to $3.5 - $5.3 Billion in Hurricane Ian Flood Insurance Claims Payments Hurricane Ian Insurance Claims Hurricane Ian Makes Landfall Florida Senate Bill 76 - Property Insurance Comment Collapse Expand Comments (0) warning You don't have permission to post comments.