Michael R. Smith’s Post

The aftermath of Hurricane Milton continues to unfold, with total losses expected to reach up to $100 billion, according to Morningstar DBRS. Smaller insurers face increased pressure, while Citizens Property Insurance is set to absorb a significant share of the losses. Read more on how this storm impacts the insurance landscape. https://wix.to/NANdNvo #newblogpost, #HurricaneMilton, #InsuranceLosses, #FloodInsurance, #CitizensPropertyInsurance, #TampaBayDamage, #NationalFloodInsuranceProgram, #FloridaInsuranceMarket, #InsuredLosses, #EconomicImpact, #ReconstructionCosts

☔️💨Insurance claims after Hurricane Milton will be challenging. Some will be made whole and others will honestly just get screwed. Based on my experience with Hurricane claims, I’ve created a small list of some things the insurance company will do to make these claims difficult: * They may claim that you did not secure your property or make necessary precautions and deny portions of your claim. * They may claim that some of the damage was pre-existing and deny portions of your claim.   * They may claim that the damage was made worse because you did not maintain your property and deny portions of your claim.   * They may claim that damage was done by flood versus wind. This happens all the time in named storms.   * They may claim that you failed to alleviate the damages to your property after the loss.   * They may claim that you failed to properly document the loss and repairs needed to restore your home.   * Low-ball settlement offers and deny that demand surge exists which increases the cost of construction. Please also understand, many of the carriers adjusters will be given to many claims to handle (200-300) at a time. This won’t help you get what you need to rebuild. To be fair to them, they won’t have the bandwidth to properly estimate your loss. I do. So reach out if you have any questions. Wishing everyone safety and also mental and emotional safety during this tough time. #Milton #publicadjuster #insuranceclaim #HurricaneMilton

🌧️ Positive Trends in Florida's Reinsurance Market as Hurricane Season Approaches 🌪️ As we enter the heart of hurricane season, there's encouraging news for Florida’s property insurance market. Recent reports from Aon and Gallagher Re indicate better prices and increased availability for reinsurance coverage, effective from June 1. This marks a significant shift after several years of substantial rate increases and limited availability. Highlights: Florida insurers are experiencing mid-year rate reductions for the first time in three years. Most programs saw rates remain stable or decrease by up to 10%. Forecasts predict an active hurricane season, making the next few months crucial for the market. State interventions and the Florida Hurricane Catastrophe Fund play key roles in stabilizing the market. At Petra Worldwide, we are committed to helping our clients navigate the complexities of the insurance market. Our expertise in risk management and financial planning ensures you are well-prepared for any challenges ahead. Visit our website to learn more about our services and how we can assist you: https://lnkd.in/ecjd7Siu Stay safe and prepared this hurricane season! 💼🌪️🏠 #Insurance #Reinsurance #HurricaneSeason #Florida #RiskManagement #PetraWorldwide #HomeInsurance #StaySafe

Hurricane season officially begins in 50 days, and with an active season predicted, now is the time to start planning. Check out the latest article from the Florida Division of Emergency Management for more information about being prepared for this upcoming season. https://lnkd.in/evUU7s6D #orchidinsurance #insurance #hurricaneseason

Losses from Hurricane Francine are not going to be terrible, with losses (only!) expected to be in the 'low single billions'. Today's demotion to a tropical storm seem to be bearing that out. Nevertheless, if you're the one without power or suffering flooding in Louisiana, this might not be much comfort. Another reminder that homeowners can do a lot to prepare - from generators to emergency supplies, sump pump maintenance, and more. Stay safe out there.

⛈️ Home Insurance Industry Ready for Hurricanes and Floods 🏠 The Atlantic hurricane season is back, with potential huge property damage looming. Policyholders areas visited by past hurricanes will want reassurances beyond just “hoping for the best and prepping for the worst”. Perhaps this article I read recently (link below) can provide that. Fortunately, the insurance market is reporting readiness for weather extreme loss events this 2024. This is due to some modest growth in policyholder surplus (up 6% last 2023, in Florida for example). The market will need that, given that hurricane season 2024 is shaping up to be quite busy. Weather forecasters predict over 20 named storms, 11 of which will become hurricanes with 5-6 being Category-3 and up. I’m sure home policyholders will be counting on the industry to help them weather any storms. And while we Texans usually don’t have to worry about this much, there’s the memory of Hurricane Harvey. Read more about it here: https://lnkd.in/gjqnUdNm #HomeInsurance #HurricaneSeason2024 #HomeownershipRisks

As #HurricaneHelene remains on track to intensify and strike Florida, likely in the central Big Bend area, Gallagher Re today say that, based on its current track, insured losses could range from $3 billion to $6 billion. Insurance Information Institute notes that, because Helene is expected to maintain hurricane-force winds long after landfall, hurricane warnings are in effect as far north as Macon, Georgia. Developing story -- check back for updates: https://bit.ly/3zzePo0 #Insurance #ClaimsManagement #LitigationManagement #InsuranceDefense #CLMMagazine

Florida’s Big Bend region on the northern Gulf Coast is bracing for yet another hurricane, the third in the last 13 months. https://lnkd.in/e_u3Cs9W Wind speeds for what could soon be Hurricane Helene are forecast to reach up to 115 mph, higher than Hurricane Debby, a Category 1 storm that made landfall in the area on Aug. 5, and approaching the winds of Hurricane Idalia, which struck the region in late August 2023. If there’s a silver lining for insurers, it’s that the corner of the state is less populated than other parts of Florida, limiting claims to what could be a manageable number. The property insurers with the most residential policies in the area include the state-created Citizens Property Insurance Corp. and American Bankers Insurance Co. of Florida. https://lnkd.in/e_u3Cs9W

Losses from Hurricane Francine are not going to be terrible, with losses (only!) expected to be in the 'low single billions'. Today's demotion to a tropical storm seem to be bearing that out. Nevertheless, if you are the one without power or suffering flooding in Louisiana, this might not be much comfort. Another reminder that homeowners can do a lot to prepare - from generators to emergency supplies, sump pump maintenance, and more. Stay safe out there. https://bit.ly/3B29hTw

The cleanup has barely begun but Fitch Ratings has pegged insured losses due to Hurricane #Milton at between $30 billion and $50 billion. That would push total insurance industry losses in 2024 above $100 billion for the fifth straight year. That’s not good news, obviously, whether you’re located anywhere in or close to Florida or not. Why? Well, because the property market could, as we say in our world, “harden” further, meaning higher premiums for business owners everywhere. The Gulf Coast, which has had little relief from the hard market since 2019, is the most likely to see higher-than-average rate increases. Misery, we know. If you’re a multifamily property owner, let us know if you could use some help. Our real estate team has helped protect more than $10 billion in assets for investors and owners nationwide. Guffy Wright #propertyinsurance #multifamily #realestate #premiums #hurricanelosses