Fla. Hurricane Property Losses Now Top $21.6 Billion

January 19, 2005

Total property losses from the four major hurricanes that struck Florida in 2004 now top $21.6 billion according to data presented to members of a Select Joint Committee on Hurricane Insurance.

The latest estimate, provided by the Office of Insurance Regulation from weekly insurer reports, has increased by about $1 billion in the past six weeks.

Jack Nicholson, senior officer for the Florida Hurricane Catastrophe Fund, also told the legislative panel that Cat Fund payouts so far total $2.566 billion, a $500 million increase in the past six weeks, and they ultimately could top $3 billion before final insurer figures are known.

The Joint Committee, composed of 16 legislators, is studying several hurricane-related issues and is expected to recommend several initiatives when the Legislature convenes on March 8.

Meanwhile, the Office of Insurance Regulation has announced that it has created a website where insurers can receive information about the Multiple Deductible Reimbursement Program.

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