Content area
Full text
Citizens Property Insurance Corp.'s losses from Hurricane Michael will fall well short of those it incurred from Hurricane Irma both on an absolute basis and relative to the rest of the industry.
The Florida state-run insurer of last resort will disclose at a Dec. 12 board of governors meeting that it has modeled losses and loss adjustment expenses, or LAE, of $142 million from Michael, which made landfall Oct. 10 as a Category 4 storm in the Florida Panhandle. That compares to the $1.15 billion and $1.81 billion, respectively, in net and gross losses and LAE for the company from Irma, which made landfall in the Florida Keys 13 months earlier as a Category 4 storm.
Through Dec. 9, according to a presentation to be given by Chief Claims Officer Jay Adams, Citizens had received 3,293 Michael-related claims representing aggregate incurred losses of $93.4 million across its personal and commercial lines businesses. The company's Irma-related claims tally stood at 68,997 as of Dec. 3, according to slides to...