A financial ratings agency said Thursday that an initial analysis indicates insured losses from Hurricane Ian could range from $25 billion to $40 billion, putting additional pressure on Florida’s troubled property-insurance market.

A ratings agency firm has withdrawn ratings for two insurance companies and downgraded a third firm in Florida.

Florida has taken action to back up property insurance companies facing a downgraded rating in an effort to help homeowners comply with mortgage requirements rather than being forced to seek new policies.

Pointing to “almost incomprehensible growth,” the president and CEO of Citizens Property Insurance Corp. said Wednesday the state-backed insurer could have 1.2 million customers by the end of the year.

With more than 850,000 policies, the state-backed Citizens Property Insurance Corp. has become an 800-pound gorilla in Florida’s troubled insurance market.

The state-backed Citizens and other insurers had blamed higher rates on fraud and litigation involving assignment of benefits, commonly known as AOB. In a news release issued late Monday, state Insurance Commissioner David Altmaier credited the new law (HB 7065) with helping reduce the Citizens rate hike. We are pleased to see that AOB reforms passed by the Legislature are already having a positive effect on rates, Altmaier said. Along with the AOB changes, the new Citizens rates also reflect the Office of Insurance Regulation freezing rates in Monroe County for many wind and multi-peril residential policies. While the majority will see rate increases, about 67,000 will see rates go down.