TALLAHASSEE, Florida — Florida’s battered insurance market, which had been teetering on collapse and remains a flash point for voters in the state, has been showing signs of stabilizing.
But now a major hurricane that is bearing down on the state and bringing with it damaging winds and massive storm surge on the Gulf Coast could threaten that. National Hurricane Center Deputy Director Jamie Rhome warned Wednesday of potential “catastrophic” damage in Tallahassee, even though the capital city is more than 30 miles from the coast.
Damages could be significant: Gallagher Re, a global reinsurance broker, estimates that losses associated with the expansive storm could be anywhere from $3 billion to $6 billion and even higher if the storm were to suddenly shift away from its expected path.
So far, however, insurance industry officials and even Gov. Ron DeSantis (R) are maintaining that Hurricane Helene will not upend the steps taken over the last few years and send the market back into a tailspin.
