Insurers are bracing for a hit of up to $57 billion as they assess the damage to onshore property from Hurricane Ian, risk modeling firm Verisk said on Monday.
The industry projection includes estimated wind, storm surge, and inland flood losses resulting from Ian's landfalls in both Florida and South Carolina, Verisk said.
However, the estimate range, the lower end of which was $42 billion, does not include elements such as losses to the National Flood Insurance Program and any potential impacts of litigation or social inflation that could lead to a total insured industry loss of $60 billion.
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