Investi Stratix
  • Politics
  • Economy
  • Forex
  • Stock
  • Editor’s Pick
  • Politics
  • Economy
  • Forex
  • Stock
  • Editor’s Pick
No Result
View All Result
Investi Stratix
No Result
View All Result

Fitch says Hurricane Milton will push 2024 insured losses over $100 billion

by
October 11, 2024
in Economy
0
Fitch says Hurricane Milton will push 2024 insured losses over $100 billion

By Matt Tracy

WASHINGTON (Reuters) – Hurricane Milton could cause up to $50 billion in insured losses for Florida property owners, pushing insurers’ estimated losses in the state over $100 billion in 2024 alone, Fitch Ratings said in a report published on Thursday.

On Thursday morning, the Category 3 storm cut a destructive path across the Sunshine State, killing at least 10 people and leaving millions without power.

But the state appears to have avoided the “worst-case scenario” outlined by analysts, which on Wednesday forecast as much as $100 billion in insured losses from Milton alone.

Now Fitch analysts are estimating Milton will lead to between $30 billion and $50 billion in insured losses, according to their report published Thursday, which noted it would be the largest insured loss since Hurricane Ian in 2022.

Coming on the heels of Hurricane Helene two weeks prior, Milton would further push total insured losses for insurers in the state over $100 billion for the fifth straight year, the Fitch analysts wrote.

Ultimate losses will depend in part on the level of demand for the supplies needed to repair and rebuild damaged properties following the storm, which historically can increase insured losses by 20% or more, according to Fitch.

Milton is unlikely to affect the credit of well-capitalized large rated property & casualty insurers and global reinsurers, the report noted.

Domestic insurers are also likely to absorb the expected losses through their reinsurance programs, the Fitch analysts wrote. They warned, however, that these state specialists will be exposed should another storm hit the state this hurricane season.

“The Florida homeowners’ insurance market’s precarious position will weaken further with the destruction generated by Milton.”

This post appeared first on investing.com
Previous Post

ByteDance cuts over 700 jobs in Malaysia in shift towards AI moderation, sources say

Next Post

Tesla robotaxi reveal- watch live on X

Next Post
Tesla robotaxi reveal- watch live on X

Tesla robotaxi reveal- watch live on X

Subscribe to InvestiStratix.com

    Popular News

    Powell says Trump tariffs delayed rate cuts despite cooling inflation

    Powell says Trump tariffs delayed rate cuts despite cooling inflation

    July 2, 2025
    Senate passes Trump’s tax bill, here’s what you need to know

    Senate passes Trump’s tax bill, here’s what you need to know

    July 2, 2025
    How billionaire Caltagirone could influence Italy’s banking M&A wave

    How billionaire Caltagirone could influence Italy’s banking M&A wave

    July 2, 2025
    ECB rate cuts show weakening impact on European lending, says ING

    ECB rate cuts show weakening impact on European lending, says ING

    July 1, 2025
    Brazil debt edges up to 76.1% of GDP in May as interest payments surge

    Brazil debt edges up to 76.1% of GDP in May as interest payments surge

    July 1, 2025

    Trending News

    Powell says Trump tariffs delayed rate cuts despite cooling inflation

    Powell says Trump tariffs delayed rate cuts despite cooling inflation

    July 2, 2025
    Senate passes Trump’s tax bill, here’s what you need to know

    Senate passes Trump’s tax bill, here’s what you need to know

    July 2, 2025

    Popular News

    • How billionaire Caltagirone could influence Italy’s banking M&A wave
      July 2, 2025
    • How billionaire Caltagirone could influence Italy’s banking M&A wave
      July 1, 2025

    About Us

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 investistratix.com | All Rights Reserved

    No Result
    View All Result
    • Politics
    • Economy
    • Forex
    • Stock
    • Editor’s Pick

    Copyright © 2025 investistratix.com | All Rights Reserved