Hurricane Michael May Cost Insurers $8 Billion
Residents remove files from an office building damaged after Hurricane Michael hit in Panama City, Florida, on Oct. 11.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Hurricane Michael, which ripped through Florida’s Panhandle region this week, may cost insurance companies about $8 billion, according to risk modeler Karen Clark & Co.
That figure includes wind and storm surge damage to homes, cars and industrial and commercial properties covered by private insurers, the company said in a report. KCC estimates that about half of those losses occurred in Bay and Gulf counties. The figure doesn’t factor in losses backed by the National Flood Insurance Program.