Insured losses from Hurricane Ian could reach $57bn, estimates a catastrophe-modelling firm. That would make Ian America’s second-costliest hurricane, after Katrina in 2005
Save time by listening to our audio articles as you multitaskHurricane Ian made landfall near Fort Myers on September 28th. About 110 Floridians were killed by the storm. Ron DeSantis, the governor, seems to have co-ordinated the short-term response well. “The big story is DeSantis demonstrating management skills, rather than political skills, because most people assume he is all about politics,” says Susan MacManus, a political analyst and veteran Florida-watcher.
The reason can be found in actuarial tables. Florida’s property-insurance market was tottering even before Hurricane Ian. Annual premiums, at more than $4,200, are triple the national average. Still that is not enough to cover risk in the state most vulnerable to storms and sea-level rise. Six firms have turned insolvent this year, owing to extreme weather, litigation costs and fraud.
Florida has a big interest in making insurance affordable. Real estate generates about a fifth of state. Florida has no income tax, so property tax accounts for a hefty chunk of government revenues. Affordable insurance, says Zac Taylor ofThe effect of subsidised insurance is that risk—such as coastal development—is not internalised upfront. Instead costs are redistributed after disasters.
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