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Business Matters: Insurance: The cost of destruction

Insurance: The cost of destruction

01/09/2023 GMT

BBC World Service - Business Matters, Insurance: The cost of destruction

Tropical Storm Idalia is the most expensive natural disaster to hit the US this year.

UBS bank has estimated that insurance companies in the state will be have to pay out  10 billion dollars, but that figure could rise.

Tropical Storm Idalia is the most expensive natural disaster to hit the US this year.

UBS has estimated that insurance companies in the state will be have to pay out $10 billion, but that figure could rise. 

This will put more pressure on insurance companies in Florida, where nine property insurance firms have closed down since 2021.

We hear from a business that was badly damaged by the storm.

(Picture: PERRY, FL - AUGUST 30: A damaged business in downtown Perry, Fla. Scenes from Perry, Fla. on Wednesday, August 30, 2023 after Hurricane Idalia passed through the area. Picture Credit: Getty Images).

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