Hurricane
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Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power. -
A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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The event has spared (re)insurers the more extreme scenarios that were under discussion earlier this week.
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Milton’s center is projected to make landfall near or just south of Tampa Bay.
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The storm is now predicted to make landfall south of Tampa Bay.
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The NHC is predicting storm surge, exacerbated by the tide, as high as 15 ft for Tampa Bay.
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Destructive storm surge is expected along Florida’s West Coast on Wednesday.
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Moody’s also predicts losses to the NFIP at potentially more than $2bn.
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The storm is packing maximum sustained winds of 175mph.
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The numbers will be refined further to arrive at an industry loss estimate.
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The storm made landfall as a major hurricane in Florida’s Big Bend region.
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The ratings agency expects insured losses of around $5bn for Helene.
Most Recent
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Aon suggests key ILS-backed reinsurance programs will run clear
11 October 2024 -
Milton could cause losses between $20bn-$50bn: Twelve Capital
11 October 2024 -
Milton unlikely to affect carriers’ credit ratings: Fitch
11 October 2024 -
Hurricane Milton: The story so far in five charts
10 October 2024