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.
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
Topics: joe raedle/getty imageshurricane us homeland security secretary alejandro mayorkas thursday white house ian in florida morningstar dbrs reuters hurricane katrina national hurricane center gov ron desantis september hurricane helene global institute milton fitch category us thursday tampa swiss re moody's analytics helene business insider analysts cost insurers up to billion losses insured storm estimated storms demand final hurricanes major exceeded wednesday damages leaving strike avoided homes populated report largest
BING NEWS:
- Hurricane Milton latest: Hundreds rescued from apartments; man saved clinging to ice box
Rescue efforts are under way after a deadly hurricane cut a destructive path across Florida, causing floods, blowing over cranes and tearing the roof off a stadium. The number of people killed is ...
10/10/2024 - 7:18 pm | View Link - Hurricane Milton might cost insurers up to $50 billion — but it could have been much worse, analysts said
Hurricane Milton's insured losses could range from $30 billion to $50 billion, but it's far from analysts' "worst-case scenario" of $100 billion.
10/10/2024 - 6:16 pm | View Link - Florida picking up the pieces after Milton: 14 dead, 3M without power
Hurricane Milton "was significant, but thankfully this was not the worst case scenario," Gov. Ron DeSantis said Thursday.
10/10/2024 - 2:12 pm | View Link - Hurricane Milton could cost insurers up to $100 billion, analysts say
Hurricane Milton could result in a $60 billion loss for the global insurance industry, creating a surge in 2025 reinsurance prices which could boost some insurance companies' shares, analysts at RBC ...
10/9/2024 - 1:29 pm | View Link - Hurricane Milton begins to move offshore after causing heavy damage across the state
TAMPA, Fla. — Hurricane Milton made landfall as a Category 3 near Siesta Key in Sarasota County. Milton's maximum sustained winds have dropped to 85 mph as a Category 1 storm. Even though it has ...
10/9/2024 - 1:01 pm | View Link - More
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