A $40 billion insurance loss is projected for Tropical Storm Ian

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The impact of Tropical Storm Ian is expected to be one of the most expensive weather catastrophes in U.S. insurance history. 

The Insurance Information Institute spokeswoman Loretta Worters told on Thursday that the damage estimates will range between $20 and $40 billion. 

A similar path was followed by Hurricane Charley in 2004 and $16 billion in property damage was incurred

A number of lawsuits and fraudulent roof-replacement schemes have caused turmoil in Florida's insurance market since Ian's arrival. 

The National Association of Insurance Commissioners (NAIC) reports that 79% of all homeowners insurance lawsuits are filed in Florida.

However, Florida homeowners receive only 9% of all U.S. homeowners property insurance claims.

Floridians For Lawsuit Reform estimates 130,000 property claim lawsuits will be filed in 2022, largely due to Florida’s favorable litigation environment.

In 2020 and 2021, Florida domestic property companies suffered underwriting losses exceeding $1 billion, causing insurer insolvencies and ratings downgrades. 

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