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Insurers Prepare For Irma’s Aftermath

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Insurance companies are prepared to meet Floridians' needs after Hurricane Irma, state Chief Financial Officer Jimmy Patronis and Insurance Commissioner David Altmaier said Thursday.

Patronis and Altmaier issued a joint statement after holding a conference call with nearly 50 insurance company representatives to discuss issues such as claims reporting after the storm and the availability of adjusters.

“Florida's policyholders fully expect that the insurance companies they entrust to protect their homes will be there during their time of need, and we'll do everything possible to protect Florida's policyholders throughout the entire post-storm process,” Patronis said.

After the full impact of Hurricane Irma, insurance companies will be required to report daily claims information to the state Office of Insurance Regulation.

On Wednesday, Barry Gilway, president and CEO of the state-backed Citizens Property Insurance, told his board that the company could expect more than 100,000 claims.

Last year, Hurricane Matthew, which ran up the East Coast without making landfall in Florida, resulted in 119,345 claims filed with insurance companies in Florida. Damages reached $2.75 billion, of which $1.182 billion was tied to residential and commercial insurance claims.

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