The daily business briefing: September 29, 2022

Hurricane Ian damage stresses an already "unstable" Florida insurance market, Porsche shares rise in blockbuster IPO, and more

A flooded road in Villa Blanca, Puerto Rico
(Image credit: Melvin Pereira/AFP via Getty Images)

1. Hurricane Ian devastation to make Florida insurance market 'even more unstable'

Hurricane Ian's catastrophic crash through Florida on Wednesday and Thursday is adding tremendous pressure to an already stressed property insurance market. Ian hit Florida's southwest coast with dangerous storm surge, torrential rains, and 150 mile-per-hour winds that put it tied as the most powerful storm on record on Florida's Gulf coast. Florida's private insurance market has lost more than $1 billion in each of the last two years, and insurers have dropped or declined to renew coverage for hundreds of thousands of Floridians. The market "will most likely become even more unstable in the wake of the storm," said Mark Friedlander, communications director at the Insurance Information Institute.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us