Florida state officials remain optimistic about the resilience of the state's insurance market following Hurricane Milton. While the storm caused fatalities and property damage, the impact appears less severe than anticipated. Insurance Commissioner Mike Yaworsky noted that catastrophic damage was avoided, and the market is poised to weather the storm effectively due to recent reforms. Analysts had predicted insured losses between $50 billion to $175 billion, which could destabilize smaller insurers. Citizens Property Insurance reported it would not need to levy surcharges or assessments as it is in a strong financial position.
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00:00It's Benzinga, and here's what's on the block.
00:02Florida state officials remain optimistic about the resilience of the state's insurance
00:06market following Hurricane Milton.
00:08While the storm caused fatalities and property damage, the impact appears less severe than
00:13anticipated.
00:14Insurance Commissioner Mike Jaworski noted that catastrophic damage was avoided, and
00:18the market is poised to weather the storm effectively due to recent reforms.
00:23Analysts had predicted insured losses between $50 billion to $175 billion, which could destabilize
00:29smaller insurers.
00:30Citizens' Property Insurance reported it would not need to levy surcharges or assessments
00:35as it is in a strong financial position.
00:37For all things money, visit Benzinga.com.