Calls for another special session on insurance after Ian causes $47B in estimated losses

Ian may have caused as much as $47 billion in insured losses according to a recent estimate.

Ian may have caused as much as $47 billion in insured losses, according to a recent estimate, making it among the most expensive storms in the state’s history.

There’s now a growing push to call a special session to address the state’s already struggling insurance industry.

If a special session happens, it would actually be the second one this year to focus on property insurance.

In May, the state passed a bill dealing with re-insurance, litigation and roof claims, but some argued that’s not enough.

So far this year alone, six different insurance companies have left the state and more than two dozen others are being watched closely because of insolvency concerns.

And since Ian, more than 335,000 insurance claims have been filed so far. That comes out to $2.8 billion in estimated losses. The final total could be as high as $47 billion.

The majority of the claims deal with residential property. Others involved car damage claims.

And the destruction caused by Ian has made the situation even more urgent.

Sen. Jeff Brandes, who represents St. Petersburg, said the state can’t wait until the next regular session begins in March to address the issue.

He fears more companies will fail or decide to leave the state, which could in turn end up with customers paying higher prices.

If he gets enough support, Brandes hopes the special session will begin at some point next month after the midterm election.

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