UPC estimates $1B hurricane-related losses
October 13, 2022 - St. Petersburg-based United Insurance Holdings Corp. (Nasdaq: UIHC), doing business as UPC, reported it has received approximately 19,000 claims to date and estimates it will receive 27,000 to 30,000 claims in total with a gross estimated loss of $1 billion. "Hurricane Ian was a devastating storm, and our primary focus today is on servicing our policyholders. There is a very high degree of uncertainty regarding the long-term economic implications of this event for our company, and the entire industry. The company will be working closely with its reinsurers, service providers, and other key stakeholders to adjudicate losses accurately and timely,” CFO and President Brad Martz said in a release. Mark Friedlander, Insurance Information Institute (Triple-i) director of corporate communications, previously told the St. Pete Catalyst that the claims from the storm may push multiple insurers into insolvency. UPC's report comes after the company announced it would withdraw from operations and enter into an orderly run-off. Six Florida property insurance companies already declared insolvent this year.