Home insurance firms may be in trouble following Hurricane Ian, says the Insurance Information Institute. Ian is one of the most powerful storms in U.S. history. The insurance losses could go up to $40 billion, easily making it one of the top five most expensive hurricanes in the United States.
Florida already has a very fragile home insurance market. The nation’s big insurers have a relatively small presence there. It’s not a very attractive market because of its expensive homes and the risk of severe weather. So a lot of the players are small insurers that mainly only cover Florida.