State Farm’s Hurricane Ian, Nicole Tab Nearly $600M
The insurer received 59K claims and is “encouraged by the recent insurance reforms.” Last month State Farm said it remained committed to the Fla. market.
TALLAHASSEE, Fla. – State Farm Insurance reminded Floridians that the 2023 hurricane season is entering its busiest months. It also provided an update on its response to last year’s Hurricane Ian and Hurricane Nicole, saying it received nearly 59,000 claims and paid out $597 million.
Ian crashed into the Southwest Florida coast on Sept. 28, 2022, before crossing the state, while the smaller Nicole made landfall in November on the East Coast.
Despite the losses, State Farm said last month it would continue “our substantial presence in the Florida insurance marketplace” after Farmers Insurance announced plans to stop offering residential, auto and umbrella policies in the state.
In its commitment to stay, State Farm pointed, in part, recent changes passed by the Legislature to reduce lawsuits against insurers.
“Our current plans include a commitment to responsible growth so that we can maintain the financial strength to deliver on our promises to our customers,” State Farm spokesman Roszell Gadson said in a statement. “We are encouraged by the recent insurance reforms and efforts to curb legal system abuse and we will continue to work constructively with the Florida Legislature and the Office of Insurance Regulation to improve the marketplace on behalf of our Florida customers.”
© 2023 The News Service of Florida. All rights reserved.