Florida-based Universal Insurance Holdings predicted a gross loss of some $1 billion due to claims filed after Hurricane Ian struck.

“To date, we have received approximately 18,000 claims, roughly half the number of Hurricane Irma claims received at this point,” said Universal Insurance.

After noting that the loss was well below its $3 billion overall reinsurance coverage, the company’s shares rose nearly 2 percent.

American property data and analytics company CoreLogic said insurers are bracing for potentially the costliest Florida storm since Hurricane Andrew in 1992, with a total financial impact estimated to be between $28 and $47 billion.

“Hurricane Ian will forever change the real estate industry and city infrastructure. Insurers will go into bankruptcy, homeowners will be forced into delinquency and insurance will become less accessible in regions like Florida,” said Tom Larsen of CoreLogic, as quoted by Reuters.

According to risk modeling firm Verisk, as a result of wind, storm surges and inland flood losses caused by Ian, insurers could pay claims of up to $57 billion.

As of 2nd October, at least 85 deaths resulting from Ian have been confirmed along Florida’s Gulf Coast, and residents in Florida and the Carolinas are facing recovery costs totaling tens of billions of dollars.