"Florida Insurers Brace for $9.36B in Claims as Hurricane Idalia Makes Historic Landfall"

Insurance claims in Florida from Hurricane Idalia are estimated to cost insurers $9.36 billion, with a 50% chance of losses exceeding $4.05 billion and a 10% likelihood of losses reaching $25.6 billion. The storm, which made historic landfall as a Category 3 hurricane, caused significant flooding and damage along Florida's Gulf Coast before moving on to Virginia. The insurance industry has already faced a challenging year due to losses from the Ukraine war and increasing wildfires and hurricanes. Insurers are expected to raise premiums in response to the higher costs, and some companies have pulled out of Florida altogether.