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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