The start of hurricane season is already proving to be expensive for insurance.
This is due to the heavy rainfall that caused flash flooding in parts of South Florida earlier this month. Although it wasn’t a named storm, the system dumped a significant amount of water, leading to insurance claims in the hundreds of millions.
Global reinsurance firm Aon has made this prediction based on the damage to homes, vehicles, and other properties from the flooding that occurred starting on June 11. Florida’s Office of Insurance Regulation is requiring insurance companies to submit reports on claims from that storm starting next week.
Related Story: NOAA expects ‘extraordinary’ 2024 Atlantic hurricane season
Forecasters anticipate a very active year for tropical storms and hurricanes. National Weather Service forecasters at the Climate Prediction Center stated last month that they expect 17 to 25 systems to develop into tropical storms in 2024, with eight to 13 hurricanes and four to seven major hurricanes.
While this forecast wouldn’t set a record, it does mark the highest number of storms predicted in NOAA’s official hurricane season forecast.
“This [hurricane] season is shaping up to be exceptional,” said Rick Spinrad, administrator of the National Oceanic and Atmospheric Administration.
Experts in the industry suggest that if Florida experiences significant damage from a storm, it could lead to increased insurance rates for everyone in the state next year.
This article was originally published by Matt Sczesny at Scripps News West Palm Beach.
