Coast Guard Vice Admiral Steven D. Poulin visits the Alabama Emergency Operations Center before Hurricane Sally made landfill. | U.S. Coast Guard/Wikimedia Commons
HCI Group Inc. preliminary estimates for catastrophic loss in the third quarter of 2020 reached $17.7 million.
A single catastrophic event – Hurricane Sally – affected HCI’s homeowners and flood insurance operations, most of which are in Florida, Globe Newswire reported. Despite making landfall near Gulf Shores, Alabama, Hurricane Sally hit the Florida panhandle with high winds and rain.
Approximately $12.5 million is the estimate for next after tax impact of the catastrophic event.
HCIs Homeowners Choice insurance operation suffered all the catastrophic losses during the quarter. Its technology-driven insurance subsidiary – TypTap Insurance Co. – was not affected by Hurricane Sally, Globe Newswire reported.
InsurTech company HCI Group has operations in insurance, software development and real estate. Its subsidiary corporation, TypTap Insurance Group Inc., owns TypTap Insurance Co., which is a rapidly growing, technology-driven provider of homeowners’ insurance and flood insurance operating primarily in Florida. It also owns Exzeo USA, an insurance-related information technologies developer.
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