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TALLAHASSEE, Fla. (AP) — Florida’s state-created property insurer says Hurricane Irma will cause over $1 billion in insured losses to the company.

Citizens Property Insurance Corporation presented initial estimates about storm damage to the company’s board of governors on Wednesday.

Officials said Citizens had ample resources to pay up to 70,000 claims and roughly $1.23 billion in insured losses expected after Irma swept across the state this month. The company said the losses would be paid from its surplus, with $193 million expected to be reimbursed from the Florida Hurricane Catastrophe Fund.

Citizens would still have a $6.4 billion surplus available for future storms.

In a statement, the company said most claims filed so far have come from Miami-Dade, Monroe and Broward counties.