Michael insurance losses expected in the billions

By NSF Staff
Joe Raedle/Getty Images

Amanda Logsdon begins the process of trying to clean up her home after the roof was blown off by the passing winds of Hurricane Michael on October 11, 2018 in Panama City, Florida.

MEXICO BEACH - Insured losses from Hurricane Michael could go as high as $4.5 billion, with the largest amount in residential losses, according to an early estimate by an insurance industry group. The Property Casualty Insurers Association of America released the estimate, which put potential losses at $2 billion to $4.5 billion. Residential losses were estimated at $1.5 billion to $3 billion. The estimates also do not include losses in the National Flood Insurance Program. Michael made landfall midday Wednesday in the Panhandle community of Mexico Beach. Michael had 155 mph maximum sustained winds, the strongest ever recorded in the region.

News Service of Florida