A human but material cost. Balance sheet Cyclone Ion The death toll was revised to 23 on Friday and could rise further. The catastrophe could cost insurers up to $47 billion and weigh on U.S. growth, preliminary estimates indicate. According to specialist firm CoreLogic, wind-related losses on residential and commercial properties should reach $22 billion to $32 billion for insurers, while losses are combined. flood Costs $6-15 billion.
“It’s a very expensive storm Florida Since Hurricane Andrew made landfall in 1992, a record number of homes and properties have been lost due to the intense and destructive nature of Hurricane Ian,” a CoreLogic official commented in a statement released Thursday. Ratings agency Fitch estimates insured losses in Florida at $25 billion to $40 billion, which could rise depending on Ion’s impact on states to the north.
Several large insurance groups have already left the state, leading to the liquidation of smaller firms in the sector, Fitch recalled in a note on Thursday. The agency predicts Hurricane Ian will put even more insurance companies out of business in Florida.
These first estimates do not take into account buildings without flood insurance, which represent the majority of real estate in Florida. According to data sent by Milliman to AFP on Friday, only 18.5% of homes in the counties are under evacuation orders as the typhoon approaches (the insurance plan), the most common way to insure yourself against flooding.
Florida’s GDP was hit hard
Between power outages, flight cancellations, and orange crop damage, Storm Ian will significantly disrupt the state’s economic activity for at least ten days. It should be weighted Gross domestic product In the third quarter, Florida rose 6% and the U.S. rose 0.3%, EY-Parthenon economist Gregory Taco estimated.
As with all natural disasters, this economic impact will gradually diminish as “a reconstruction effort will be undertaken in terms of port, road and residential infrastructure”, notes Gregory Daco. But this effect “takes place over many years”, the expert underlines.
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