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Flood waters in South Florida may continue to rise due to persistent torrential rains this week, while the impact on shares of major insurance providers is yet to be determined, with stocks showing little change as of Thursday.
Miami and Miami Beach received about 6 inches of rain on Tuesday, while Hollywood got about 5 inches, according to the National Weather Service. On Wednesday, Florida Gov. Ron DeSantis declared a state of emergency across South Florida.
More rain has been forecasted for the rest of the week, leading the weather service office in Miami to extend a flash flood watch through Thursday. Some places could see another 6 inches of rain, the AP reported.
Shares of Progressive Corporation (NYSE:PGR) edged up 0.57% to $203.60 on Thursday, while Allstate Corporation (NYSE:ALL) finished 0.12% higher at $160.83.
Florida’s western side was also hit with significant rainfall after a prolonged drought while under a flash-flood warning, the weather service said. Almost 6.5 inches of rain fell Tuesday at Sarasota Bradenton International Airport.
The National Oceanic and Atmospheric Administration estimates an 85% chance that the Atlantic hurricane season will be above average, predicting between 17 and 25 named storms in the coming months, including up to 13 hurricanes and four major hurricanes. An average season has 14 named storms.
More than 80% of Floridians do not have flood insurance, despite the gaining frequency of hurricanes and other storms that result in widespread flooding, WFLX News in West Palm Beach reported. Only 18% of homeowners have a flood policy.
Florida’s commercial-property insurance costs last year surged at nearly five times the national pace, according to credit rating firm AM Best Co. Inc., Bloomberg reported.
This has caused more nursing homes to close down each year, while others miss debt payments.
In the five-year period ending in 2023, commercial property insurance costs in Florida skyrocketed 125%, according to Bloomberg. Last year, annual premiums soared about 27% in the state — for the second year in a row — while nationwide the growth rate slowed to nearly 6% from about 15%, according to AM Best.
From 2019 to 2023, damage from natural disasters like tropical cyclones and severe storms at least doubled to as much as $200 billion from the 10 years prior, according to the National Centers for Environmental Information. That five-year tally includes Hurricane Ian — the third-costliest hurricane in US history.
Photo: Shutterstock
