Hurricane Ian, which made landfall in southwest Florida in September 2022, produced over $60 billion in insured losses, making it the second-costliest hurricane in U.S. history behind Katrina. The insurance market impact was immediate and lasting: Florida property carriers collapsed or exited, reinsurance costs spiked, and commercial property rates across the entire Southeast rose 15-30% at renewal.
The ripple effects are still visible in 2026 pricing. For businesses with SBA-financed property in hurricane-exposed areas, the hazard insurance that lenders require has become significantly more expensive and harder to place since Ian.
Key Takeaways
- Insured losses: $60B+, second-costliest U.S. hurricane after Katrina
- Carrier exits: Multiple Florida property insurers became insolvent post-Ian
- Rate impact: Florida commercial property up 20-40%; Southeast broadly up 15-30%
- Reinsurance: Treaty renewals post-Ian drove primary carrier rate increases nationwide
- 2026 status: Rates stabilizing but remain elevated vs pre-Ian levels
Disclaimer: This article is for informational purposes only. Consult our licensed advisors for guidance specific to your situation.
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Schedule ConsultationAbout the cost figures and examples in this article: Any premium ranges, cost figures, or pricing factors discussed here are general market estimates drawn from publicly available industry data and are provided for educational context only. They are not quotes, offers, or guarantees of cost, and they do not reflect the price Hotaling Insurance Services will or can offer for any specific policy. Actual premiums are determined solely by the insurance carrier based on your individual risk profile, coverage selections, claims history, location, and other underwriting factors, and they vary widely from the general ranges described above. Any client scenarios are anonymized, illustrative composites created for educational purposes; they do not depict actual named clients and should not be relied upon as a prediction of results. Nothing in this article constitutes financial, legal, tax, or insurance advice. For pricing and coverage specific to your organization, please request a consultation with our licensed advisors.