Legal costs could add $20bn to Hurricane Ian insured losses

Trial attorneys are “already on the ground” and soliciting business in some of the hardest hit areas, Friedlander said.

Most lawsuits are expected to involve the distinction between flood and windstorm losses, with Ian having brought record storm surge and flooding to parts of Southwest Florida.

“Litigation expenses could add $10 billion-$20 billion to the total insured losses from Hurricane Ian,” Friedlander said. “This will be a key element in the solvency of struggling regional insurers who are already facing financial challenges.”

This year has seen the failure of six Floridian insurance carriers, and this was prior to category four

Read More>>