Hermine peaked as a Category 1 hurricane, the first to hit Florida since 2005. The storm system then crossed into the Atlantic Ocean leaving a path of destruction, power outages, severe flooding and two fatalities up and down the east coast. As the tropical storm lingered off the New England Coast, large waves continued to cause life-threatening surf and significant beach erosion.

Early estimates from Karen Clark & Company (KCC)  put insured losses from Hermine at nearly $500 million, with economic losses approaching $1 billion.  KCC expects as many as 50,000 claims across the southeast, primarily from residential property and auto lines.

Even so, losses from Hermine are not likely to have a significant impact on the financial condition of the Florida Hurricane Cat Fund or Citizens’ Property Insurance. According to Fitch, both entities have accumulated exceptional liquidity since Hurricane Wilma hit Florida 11 years ago.

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