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Early insurance claims for Hurricane Ian in Florida indicate $474 million in losses.

The estimated insurance losses from Hurricane Ian total nearly $474 million.

A total of 62,047 claims were submitted on Friday with estimated losses of $473.828 million. 

In the majority of cases, 49,191 claims were for residential properties, and 41,778 were for homeowners. 

About 1.1% of residential claims were closed, with 496 unpaid.

According to disaster modeling company Karen Clark & Co., the storm likely caused "well over $100 billion" in damage, including $63 billion in losses to private insurers.

Property insurance markets in Florida were already in trouble, and billion-dollar losses, insolvencies and skyrocketing premiums have made them worse.

In the last two years, the private insurance industry has lost more than $1 billion and hundreds of thousands of policies have been dropped or not renewed.

In Florida, average annual premiums have risen to more than $4,200 - three times the national average.

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