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Nearly $4B Cost for Hurricane Ian, Insurance Company Says

State-backed Citizens Insurance Corporation has upgraded its projection for the costs incurred after Hurricane Ian’s devastating landfall.

TALLAHASSEE, FLORIDA — State-backed Citizens Insurance Corporation has updated its projections for the total cost of Hurricane Ian to about $3.8 billion.

The company had initially estimated a total cost between $2.3 billion and $2.6 billion – but that was based on a single hurricane model. The new, revised amount uses a second model and takes litigation and other claims data into account.

“We will continue to update the market and other stakeholders as we gather additional information from actual losses,” Jennifer Montero, Citizens’ Chief Financial Officer said in a statement.

On November 10, Florida Chief Financial Officer Jimmy Patronis said: “As of today, insurance companies, since two weeks ago, have already paid out $207 million in insurance claims.”

The most recent storm to hit Florida, Hurricane Nicole, is not expected to have significant financial impact to Citizens, the company states.

Citizens Insurance expects to receive around 100,000 claims from Hurricane Ian. So far, more than 55,000 claims have poured in, according to The News Service of Florida.

On Wednesday, Governor DeSantis announced an $8.7 million assistance package for Hurricane Ian recovery. Out of those funds, $7.7 million will go through the Workforce Innovation and Opportunity Act grant program and the Job Growth Grant Fund to support a large-scale rapid credentialing effort between three state colleges, two technical colleges, and Local Workforce Development Boards.

The remaining $1 million will go to support emergency management personnel, national guardsmen, and community members in the recovery process.

“Today’s awards will help residents rebuild, help emergency management personnel and national guardsmen begin their recovery, and provide new employment opportunities for residents,” the governor said.