Similar Stories to Florida Insurers To Weather Effects Of Michael, Analysts Say on Bing News

FORT LAUDERDALE, Fla. (AP) — Florida's disjointed property insurance system that relies almost exclusively on small and midsize companies will take a multibillion dollar loss from Hurricane Michael, but has sufficient reserves and backups that providers should be able to pay claims without problems, analysts say. Major national players like State Farm, Allstate and Liberty Mutual write few if any homeowners policies in Florida because of the high risk of hurricane losses, leaving the market to smaller companies and the state-created insurer of last resort, Citizens Property. Boston-based Karen Clark & Company, which models catastrophes, estimates Florida private insurers will pay $6 billion in claims for wind and storm surge damage to residential, commercial and industrial properties and vehicles.