Insurance Losses Due To Hurricane Michael Expected In The Billions

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TALLAHASSEE (CBSMiami/NEWS SERVICE OF FLORIDA) - Insured losses from Hurricane Michael could go as high as $4.5 billion, with the largest amount in residential losses, according to an early estimate by an insurance industry group.

The Property Casualty Insurers Association of America released the estimate, which put potential losses at $2 billion to $4.5 billion.

Residential losses were estimated at $1.5 billion to $3 billion.

GALLERY: THE WRATH OF HURRICANE MICHAEL

The estimates also do not include losses in the National Flood Insurance Program.

Michael made landfall midday Wednesday in the Panhandle community of Mexico Beach. Michael had 155 mph maximum sustained winds, the strongest ever recorded in the region.