TALLAHASSEE, Fla. — Citizens Property Insurance updated its projected losses from Hurricane Ian, and while the total number of claims is expected to be lower, the costs aren't going down.
Citizens projects that 100,000 claims will be filed in the aftermath of Hurricane Ian. Those claims will end up with a projected loss to Citizens of between $2.3 billion and $2.6 billion, unchanged from the preliminary estimate.
According to Citizens, the claims numbers have come in lower because Citizens estimated that damage and claims would be greater outside the area of Lee, Charlotte, and Sarasota counties than it has been thus far.
On the overall property insurance market, Citizens said the losses will likely be on the lower end of a range from $30 billion to $67 billion. For reference, NOAA said the costliest hurricane to hit the state in 2022 dollars was Hurricane Irma in 2017 at $59.5 billion.
In a previous report, ABC Action News asked Citizens if they would be able to handle the number of claims from Ian. A spokesperson said they have enough surplus funding and will not need to levy assessments on Florida homeowners.
