October 05, 2022
My hope for a quiet hurricane season was shattered by Hurricane Ian. The massive Category 4 storm carved a path of destruction across Florida—and its impact will be felt for years to come.
As families are faced with the difficult task of rebuilding their lives, the claims community has mobilized to help them pick up the pieces. Rebuilding is not an easy task—emotionally or structurally. Your compassion and the countless hours spent helping these good people regain a semblance of normalcy makes all the difference in the world. Thank you for doing what you do!
In addition to the devastating loss of life and property, the structural recovery from Ian is likely to take years and come with a hefty price tag. Early reporting from our colleagues at the Insurance Information Institute indicates overall insured losses alone topping $30 billion. With the hurricane being described as a “500-year flood event,” so much of those losses will come from flooding. Many Florida homeowners do not have flood insurance, and when you factor rising construction costs, even with FEMA assistance, the road to rebuild will be difficult and costly.
Hurricane Ian will also have a devastating impact on the Florida property insurance market, which was already the weakest in the country. I anticipate that there will be more compression in the industry with at least a few more players going under and Citizens Insurance ultimately taking more of the market share.
Disasters often prompt us to pause and reflect. I’m also so grateful for our CLM community, and I would like to take the opportunity to thank so many of you who reached out to check in on our Florida team. I’m happy to report that they are all safe. It is these moments that remind me why I love being part of CLM—we have the most caring, compassionate people in our amazing community!
All the best –
Ronna Ruppelt
CEO
ronna.ruppelt@TheCLM.org
LinkedIn.com/in/ronnaruppelt