Hurricane Milton Could Cost Insurers up to $50 Billion in Losses

• Hurricane 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…