The total insured loss arising from Hurricane Frances will likely be in the order of US$4.4 billion, according to the latest loss estimate released by the Insurance Services Office (ISO). The ISO expects that about 552,000 claims from both homeowners and businesses will be filed as a result of the hurricane.The ISO notes that Florida incurred the heaviest damage from Hurricane Frances, with approximately 500,000 claims worth US$4.1 billion expected from the region. After making landfall between West Palm Beach and Vero Beach in early September, Hurricane Frances lost much of its strength and was downgraded to a tropical storm. However, as the storm moved north, it triggered several tornadoes that affected Georgia, South Carolina, North Carolina and New York, causing 30 deaths.
P&C industry urges changes to adjusters licensing
After four consecutive NatCat events in one month resulted in more than 228,000 claims, Canada’s property and casualty insurance industry is urging regulators to change how adjusters are licensed in the country. “The ability to rapidly deploy adjusters is an increasingly vital component of insurers’ claims response,” says an open letter sent by a P&C […]
By David Gambrill | September 10, 2024
3 min read
