Hurricane Matthew made its first landfall in the United States on October 8th, southeast of McClellanville, South Carolina as a category 1 hurricane with wind speeds of 75 mph. It moved very close to the coastlines of Florida, North Carolina and Georgia, releasing its carnage all through its path.
Hurricane Matthew is reported to have spawned 29,697 insurance claims in Florida as of Tuesday, October 10th, according to the state Office of Insurance Regulation. Out of the total, 26,147 claims were for residential properties.
The data analysis firm CoreLogic is projecting that the storm will result in 4 billion to 6 billion US dollars in insured property losses in all the states. However, the long term impacts of the storm on the affected states are said to be minimal. The storm has left almost a million people without electricity and 10 dead in the state of North Carolina.
The storm has passed, but the real storm for the insurance sector starts now with claims going up across the various states that have been affected. Florida, Georgia, South and North Carolina, and Virginia are the states affected by the storm.
The teams working on the accounts from this proximity should take this as a heads up call for the large number of claims that are on their way.