Hurricane Michael insured losses reach $5bn

The total estimated insured losses from hurricane Michael have reached $5.02 billion, according to the Florida Office of Insurance Regulation.

Hurricane Michael made landfall as a Category 4 hurricane along the Florida Panhandle coast on Oct. 10, 2018.

Michael has been described as the strongest tropical cyclone on record to strike the Florida Panhandle and the fourth strongest hurricane to make landfall on the US mainland.

So far, 141,039 claims have been filed and 72.6 percent of claims have been closed, according to the Florida regulator, which aggregates information compiled from claims data filed by insurers.

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