Insurance claims in Florida stemming from Hurricane Idalia, which made historic landfall over the state’s Gulf Coast as a Category 3 storm, are expected to cost billions of dollars, Reuters reports.
In Florida, UBS bank estimated average insured losses of $9.36 billion.
These estimates, based on Aug. 28 data, include a 50% chance of losses of over $4.05 billion and a 10% likelihood of losses of $25.6 billion, Reuter stated. The wide range reflected potential changes in the storm’s intensity and path.