Hurricane Milton might cost insurers up to $50 billion in insured losses, but analysts were expecting more.Joe Raedle/Getty ImagesHurricane Milton's insured losses could cost between $30 billion and $50 billion, said analysts.Before the storm hit, analysts predicted damages of up to $100 billion.Total insured losses globally have exceeded $100 billion this year.Hurricane Milton stormed Florida on Wednesday, leaving an estimated $30 billion to $50 billion of insured losses, according to analysts from Fitch Ratings in a Thursday note.Milton made landfall as a Category 3 hurricane, causing widespread damage to homes, flooding streets, and leaving over 3 million homes without power in its immediate aftermath.At least 10 were confirmed dead by US Homeland Security Secretary Alejandro Mayorkas at a Thursday White House press briefing.Milton's insured losses could range from $30 billion to $50 billion, according to Fitch, making it the largest since Hurricane Ian in 2022, which caused $60 billion in damages.While the financial impact is significant, Florida insurers avoided a more harrowing scenario.Before the storm hit, analysts at Morningstar DBRS told Reuters that they had estimated up to $100 billion in insured losses if the storm had directly hit the densely populated Tampa region.This would have rivaled Hurricane Katrina's cost in 2005, estimated at $86 billion in 2020 — the largest insured loss from a hurricane, per a 2020 Swiss RE report.Before the storm, analysts from Jefferies placed potential losses at $175 billion in heavily populated regions like Tampa.
Comment on Hurricane Milton might cost insurers up to $50 billion — but it could have been much worse, analysts said
lwee@insider.com (Lian Kit Wee), Business Insider
Thu, 10/10/2024 - 10:16pm
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