Citizens Insurance Takes a Hit

posted by Rick Flagg -

Damages from Hurricane Irma are adding up rapidly at the state-run insurance agency. 

Citizens Property Insurance Chairman Chris Gardner says more than 45 thousand claims have already been filed and they expect that number will eventually hit 70 thousand.

"Our current modeled losses from Hurricane Irma are estimated to be $1.2 billion. Of that figure, we expect to recover $193 million from the Florida Hurricane Catastrophe fund," he said, adding, "Please remember this is an early estimate, and this number will probably change."

Despite the billion dollar loss, Gardner says the company still has more than 6-billion in reserves to get through the rest of the hurricane season. 

The company provides coverage for almost half a million homes and businesses in Florida.

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