Irma Insurance Claims Already Nearly $2 Billion In Florida
September 19, 2017
With 335,000 insurance claims representing $1.9 billion in property losses, Hurricane Irma has already exceeded the claims and losses from the two hurricanes that pummeled Florida last year, the state Office of Insurance Regulation reported Monday.
Calculated through Sunday afternoon, Irma’s losses easily exceeded the 119,000 claims and $1.2 billion in losses for Hurricane Matthew and the 19,700 claims and $139 million in losses from Hurricane Hermine, the OIR data showed.
The heaviest claims activity was in the half-dozen counties that form the southern tip of Florida: Monroe, Miami-Dade, Broward, Palm Beach, Collier and Lee. The area bore the brunt of Irma, which hit the Florida Keys as a Category 4 storm with 130 mph winds on Sept. 10, and then made a second landfall in Collier County, before moving up the state.
Citizens Property Insurance, which is among the state’s largest property insurance companies with some 443,000 policies, has not been able to calculate a projected property loss yet, said Michael Peltier, a spokesman for the state-backed insurer.
As of Monday morning, Peltier said Citizens, which is the largest property insurer in the Florida Keys, had received 27,970 claims, with company officials estimating they will eventually receive 125,000 claims because of the storm.
Citing projected losses in the range of $25 billion to $50 billion from Irma, Fitch Ratings said the property losses will test the reinsurance market, which provides backup coverage for the property insurers.
“Reinsurers will bear a large portion of losses from Irma, but the reinsurance market is well equipped to handle substantial hurricane losses in part due to a lack of major hurricane landfalls in the 11 years before Irma,” said Chris Grimes, a director at Fitch.
The Fitch report also noted the rise of new insurance companies since Florida’s record 2004 and 2005 hurricane seasons. Those new companies have taken market share previously held by Citizens, the government-backed insurer.
Fitch said the newer companies haven’t faced a major hurricane before, but because Irma’s “losses will be less than previously feared, the majority are unlikely to have losses from the event that exceed catastrophe reinsurance program limits.”
Security First Insurance, the second largest insurer of single-family homes in Florida, with 340,000 overall policies, is one of the companies that has expanded since the last major hurricane seasons.
Locke Burt, a former state senator who is president of the Ormond Beach company, said he estimates Security First will receive about 30,000 claims from Irma, with losses not to exceed $300 million.
His company’s policies are concentrated in Central and North Florida, with Burt estimating the insurer only has about 22,000 policies in the six counties most heavily impacted by Irma.
Nonetheless, Burt said the company brought in 1,000 temporary workers, including 490 loss adjusters, to deal with the storm’s aftermath.
“We’ve got a lot of work to do,” Burt said. “Every claim represents a disruption of some family’s life. And our job is to try to put people’s lives back together as fast as we can.”
Burt said Security First had some 12,000 claims as a result of Hurricane Matthew last year, representing $90 million in losses. Matthew did not hit Florida but caused significant damage as it traveled up the Atlantic coast.
Hermine made landfall south of Tallahassee and caused damage across parts of North Florida.
Another impact from Irma will be flood damage, which is generally not covered by property insurers but falls under the National Flood Insurance Program, with 1.73 million policies in Florida, the most of any state.
There are 23,000 federal flood policies in Jacksonville, one of the areas hardest by the flooding.
The federal program paid out $623 million in claims from Hurricane Matthew last year in Florida and other states, with individual claims averaging $38,305, according to the Federal Emergency Management Agency.
by The News Service of Florida
George Allen Phillips
September 19, 2017
George Allen Phillips, 64, of Cantonment, FL, passed away suddenly on Friday, September 15, 2017. He worked as a brakeman for the Railroad, enjoyed late model cars and listening to old rock and roll music. He served his country honorably in the U.S. Army.
He is preceded in death by his parents, Paul and Doris Phillips; sister, Elaine Phillips Southwick; and his nephew Ralph (Duck) Childers.
He is survived by his son, Kallen Phillips (April); granddaughters, Haeden and Emily Phillips; brothers, Dan and Paul Phillips; sisters, Vicki Hensley and Grace Phillips; and a host of nieces and nephews.
Visitation will be Saturday, September 23, 2017, at Faith Chapel Funeral Home North beginning at 12 p.m. with the funeral service to follow at 1 p.m.
Interment will be at Barrancas National Cemetery.
Faith Chapel Funeral Home North is entrusted with the arrangements.
Ernest Ward School Advisory Council Meeting Rescheduled
September 18, 2017
The Ernest Ward Middle School Advisory Council meeting scheduled for tomorrow, September 19 has been rescheduled due to a scheduling conflict.
The next meeting is now scheduled for Monday, September 25 at 8:00 a.m. in the Innovation Center.
NorthEscambia.com file photo.
Escambia County Cancels Budget Workshop
September 18, 2017
The Escambia County Board of County Commissioners’ Budget Workshop originally scheduled for Tuesday, Sept. 19 at 9 a.m. has been canceled. The meeting was scheduled on an as-needed basis by the board, and commissioners determined that it would not be needed.
The Second Budget Public Hearing for the proposed Fiscal Year 2017-2018 budget is scheduled for Tuesday, Sept. 26 at 5:31 p.m. in the Ernie Lee Magaha Government Building, Board Chambers found on the first floor of 221 Palafox Place.
Slight Chance Of Rain, Otherwise Sunny And Warm Today
September 18, 2017
Here is your official North Escambia area forecast:
Monday: A 20 percent chance of showers and thunderstorms. Otherwise, mostly sunny, with a high near 91. Calm wind becoming north around 5 mph.
Monday Night: Partly cloudy, with a low around 71. South wind around 5 mph becoming calm.
Tuesday: A 30 percent chance of showers and thunderstorms after 1pm. Partly sunny, with a high near 89. Calm wind becoming north around 5 mph in the afternoon.
Tuesday Night: Partly cloudy, with a low around 71. Southwest wind around 5 mph becoming calm.
Wednesday: A 40 percent chance of showers and thunderstorms. Partly sunny, with a high near 89. Calm wind becoming west around 5 mph.
Wednesday Night: Partly cloudy, with a low around 70. Calm wind.
Thursday: A 50 percent chance of showers and thunderstorms. Mostly sunny, with a high near 89. Calm wind becoming northeast around 5 mph.
Thursday Night: A 20 percent chance of showers and thunderstorms. Partly cloudy, with a low around 70. Calm wind.
Friday: A 40 percent chance of showers and thunderstorms. Partly sunny, with a high near 87.
Friday Night: A 20 percent chance of showers and thunderstorms. Partly cloudy, with a low around 69.
Saturday: A 30 percent chance of showers and thunderstorms. Partly sunny, with a high near 86.
Saturday Night: Partly cloudy, with a low around 68.
Sunday: A 30 percent chance of showers and thunderstorms. Mostly sunny, with a high near 85.
One Transported After West Kingsfield Crash
September 18, 2017
One person was transported following a single vehicle wreck about 7:15 p.m. in the 2000 block of West Kingsfield, just west of County Road 97. The driver of a pickup lost control in a sharp curve and ran off the roadway into several small trees. Further details on the accident have not yet been released by the Florida Highway Patrol. NorthEscambia.com photos by Kristi Barbour, click to enlarge.
Jim Allen Elementary Goes Gold For Childhood Cancer Research
September 18, 2017
Jim Allen Elementary faculty and staff went gold and rallied to show support for childhood cancer research.
Photos for NorthEscambia.com, click to enlarge.
Interested In Cybersecurity? Special Event Planned At Molino Library
September 18, 2017
Students interested in cybersecurity, and their parents, are invited to a special seminar at the Molino Branch Library on Tuesday, September 19 at 6 p.m.
Randy Ramos of Global Business Solutions will speak about the exciting field of cybersecurity. Attendees will learn how he became interested in cybersecurity and how students can to get into the field. Students who are interested in technology are highly encouraged to attend, as well as their family. Anyone ages 10 and up is welcome to attend.
One Injured In Beulah Crash
September 18, 2017
One person was seriously injured in a single vehicle rollover accident late Sunday afternoon on Mobile Highway at Bridlewood Road in Beulah A 46-year old man was transported by ambulance to a Pensacola hospital following the crash. The accident is under investigation by the Florida Highway Patrol. Photos for NorthEscambia.com, click to enlarge.
Minor Injury In Cantonment Wreck
September 18, 2017
One person was injured in a two vehicle accident Sunday afternoon near the Muscogee Road and Louis Street intersection in Cantonment. The injured person was transported by ambulance to a Pensacola hospital with minor injuries, while two other people in the crash refused medical treatment. NorthEscambia.com photos by Kristi Barbour, click to enlarge.
