People walk amidst rubble in the aftermath of Hurricane Michael in Mexico Beach, Fla., Saturday, Oct. 13, 2018. (Gerald Herbert/Associated Press)

FORT LAUDERDALE, Fla. — While Florida’s disjointed property insurance system will take a multibillion dollar loss from Hurricane Michael damages, analysts say it should be able to pay claims without problems thanks to sufficient reserves and backups.

Analysts estimate private insurers will pay $6 billion in claims for wind and storm surge damage to residential, commercial and industrial properties and vehicles.

Major insurers like Allstate don’t write many homeowners policies in Florida because of the high risk of hurricane losses, leaving the market to smaller companies and Citizens Property — the government-created insurance company for homeowners who couldn’t get property insurance elsewhere.

Insurance analyst Fitch Ratings said the Florida companies can withstand storms like Michael that hit sparsely populated areas of the state, but would struggle if a major storm hit Miami or another big city.

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