Citizens scales back Hurricane Ian claims projection
The state-backed Citizens Property Insurance Corp. on Friday projected that it will receive 100,000 claims from Hurricane Ian, a significant decrease from a previous projection.
Citizens said it had received 47,248 claims as of Friday morning.
On Oct. 5, it released a projection that it would have more than 225,000 claims from the storm, which made landfall Sept. 28 in Southwest Florida before crossing the state.
The projection has been scaled back to 100,000 claims because Citizens has not seen as many claims as initially expected in areas outside of hard-hit Lee, Charlotte and Sarasota counties, spokesman Michael Peltier said in an email.
Citizens on Friday did not change its earlier projection of $2.3 billion to $2.6 billion in losses.
Peltier said Citizens is holding off on a new estimate “until we can base it on actual losses.”
Citizens, which was created as an insurer of last resort, has seen its number of policies more than double during the past two years amid financial troubles in the private insurance market.
As of last week, it had about 1.08 million policies across the state.
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