A vehicle drives on a flooded road after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 30, 2023.
Hurricane Idalia plowed into Florida's Gulf Coast with fierce winds, torrential rains and pounding surf before weakening but turning its fury on southeastern Georgia, where floodwaters trapped some residents in their homes.
At about $10 billion, Idalia would cost insurers less than 10 of the costliest hurricanes to hit the United States.
Higher reinsurance rates can affect the premiums that insurers charge their customers.
FLORIDA PAINFlorida has a large number of very small, thinly capitalized insurers, insurance experts have said.
Persons:
Hurricane Idalia, Julio Cesar Chavez, Thomas Hayes, Gallagher Re, Michael Peltier, Berkshire Hathaway, Ajit Jain, Noor Zainab Hussain, Manya, Chibuike Oguh, Jon Stempel, Devika Syamnath, Megan Davies, Cynthia Osterman
Organizations:
REUTERS, Hurricane, UBS, Global, Great, Great Hill Capital, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Florida Office, Insurance, Bankers, Property Insurance Corp, Property Insurance, Berkshire, Manya Saini, Thomson
Locations:
Cedar Key , Florida, U.S, Florida, Coast, Georgia, United States, Ukraine, California, Great Hill, New York, FLORIDA, USA, Lexington, Berkshire, Bengaluru, Chibuike