Claims and losses

Idalia is likely to be a hurricane while moving across southern Georgia and possibly when it reaches the coast of Georgia, according to the latest NHC update.

The forecaster also added a tropical storm watch for parts of North Carolina.

If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.

Hurricane Idalia will reach Jacksonville but will have weakened by then

The storm is set to become an “extremely dangerous major hurricane” by landfall on Wednesday.

Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.

A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.

The storm is now forecast to become a major hurricane by Tuesday night. This morning’s advisory update had estimated that Idalia would reach major hurricane status by early Wednesday.

The estimate includes privately insured damage to residential, commercial and industrial property, as well as automobiles. Boats, offshore properties and NFIP losses were excluded.

The broker said economic uncertainty, climate risk and inflation were challenges for the industry.

Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.

For insurers, the Golden State is one of the last places they want to face disputes or lawsuits with consumers.