Happy Wednesday! In this week's Big I Buzz: claims from Hurricane Milton continue to rise. Plus, the problem with prolonged power outages.

Claims from Hurricane Milton Continue to Rise in Florida

Nearly two weeks after Hurricane Milton struck near Sarasota, claims and loss totals are still climbing. As of October 21, the Florida Office of Insurance Regulation reported over 221,582 claims, with estimated insured losses surpassing $2.7 billion. While significant, these figures are still far below the devastation caused by Hurricane Ian in 2022, where losses exceeded $21.3 billion. Citizens Property Insurance Corp., Florida's largest state-backed insurer, is expected to handle the bulk of the claims, having already reported 41,402 claims as of October 21. Read more here.

The Problem with Prolonged Power Outages

In 2023, nearly a quarter of U.S. households experienced a power outage, with many lasting six hours or more, according to the U.S. Census Bureau's American Housing Survey. These prolonged outages can lead to significant disruptions and financial losses, especially for households with medical devices or individuals with disabilities. Homeowners were more affected than renters, and rural areas saw more outages than urban regions. For those experiencing an outage, it is recommended to follow protocols such as keeping freezers and refrigerators closed and using generators safely. Read more here.

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