Citizens Property Insurance revises Hurricane Ian cost estimates

Citizens Property Insurance revises Hurricane Ian cost estimates

Citizens Property Insurance Corporation, a not-for-profit alternative insurer, has updated its Hurricane Ian estimates to reflect additional costs expected from litigation and other claims-related expenses.

Citizens now estimates that direct loss-adjustment expenses related to the Category 4 storm, which slammed into Florida in September, will total $3.8 billion. That’s a sharp spike over the preliminary estimate of $2.3 billion to $2.6 billion, which was based on the results of a single hurricane model.

The revised projection incorporates the results of a second model, accounts for actual claims activity to date, and includes additional provisions for

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