Deaths, damage claims up
Roads were still flooded on October 29, 2022 in the Stone Island community of Volusia County from Hurricane Ian’s rains that totaled up to 22-inches in the county.
The last of the flood waters has finally receded on this 40th day after Hurricane Ian struck Florida. Far away from Ft. Myers Beach, some Volusia County communities at the headwaters of the St. Johns River still had flooded roads last week, including Stone Island on Lake Monroe north of Sanford. Public sewage systems are finally operating there again. For others along the 200-mile path of the Category 4 storm, coping includes having to switch hotels as FEMA transitional sheltering assistance is renewed for another month. And for others still, it involves grieving the dead, whose numbers have increased to 130. As damage and debris removal continues, so do the property damage estimates and the state and federal aid to help Ian’s victims. At latest count going into this past weekend:
- Florida insurance regulators reported $8.43 billion in estimated insured losses on 607,552 claims. Hard-hit Lee (218K), Charlotte (92K), and Sarasota (62K) counties accounted for nearly 62% of those insurance claims. The percentage of closed claims has grown significantly to 32%, with a 3:2 ratio of paid to unpaid closed claims (see chart below). OIR ended daily claims reporting on October 28 and has gone to weekly reports due on Wednesdays, beginning November 2 through at least November 30.
- FEMA’s National Flood Insurance Program (NFIP) reported 43,000 claims as of last Thursday and paid more than $332 million to policyholders (up from $244 million on October 29), including $166 million in advance payments.
- FEMA has paid out $719 million in Individual Assistance to residents in 26 counties for help with home repair, replacing personal belongings, rental, and temporary lodging. Another $322 million has gone to the state for emergency response, while the U.S. Small Business Administration has provided $562 million in disaster loans.
- FEMA expanded Transitional Sheltering Assistance to seven more counties, for a total of 26 counties that are eligible for temporary hotel stays for survivors who cannot remain in their homes because of storm damage. As of this past Friday, the program is providing housing for 2,449 households with 6,157 members.
- Operation Blue Roof, run by the US Army Corps of Engineers through FEMA, has installed 18,569 free blue tarps onto roofs damaged by Ian. Final installations are scheduled to be completed on Wednesday, November 9.
From Florida Office of Insurance Regulation
Various modeling estimates average about $50 billion for Ian’s insured losses, not counting National Flood Insurance Program (NFIP) policies, and up to $84 billion when you count both federal and private flood insurance losses.
The Florida Hurricane Catastrophe Fund, from which insurance companies purchase reinsurance, has estimated that losses from Hurricane Ian will cost the fund up to $10 billion. It has the money to handle that but will need to borrow as much as $1.2 billion this year and another $9.6 billion for the 2023-2024 contract year to meet its statutory obligations, according to its report.
LMA Newsletter of 11-7-22
