Hurricane Ian: United Insurance Holdings Corporation revises its loss estimate upward

United Insurance Holdings Corporation (UPC Insurance) has adjusted upwards its loss forecasts related to the damages caused by hurricane Ian. The American insurer is now expecting losses of up to 1.54 billion USD, part of which will be covered by its reinsurance program, against 1 billion USD estimated in September 2022.

The amount of the loss is divided between the holding's two subsidiaries as follows:

• United Property & Casualty Insurance Company: 864 million USD
• American Coastal Insurance Company: 679 million USD

For the record, hurricane Ian has severely hit Florida in September 2022, resulting in 100 billion USD of economic damages, 60 billion USD of which are insured⁽¹⁾. It is the most costly natural catastrophe of the past year.

⁽¹⁾ Munich Re estimate