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The storm is packing maximum sustained winds of 175mph. -
Milton is expected to move north of the Yucatan Peninsula today and cross the eastern Gulf of Mexico by Wednesday.
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Parts of the Yucatan peninsula are under a hurricane warning, though the storm is expected to remain offshore.
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The NFIP’s losses are estimated at $4.5bn-$6.5bn.
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Experts have raised concerns over significant rainfall, record-setting storm surge and lingering Hurricane Helene debris.
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The “exceptionally large and powerful” Category 4 storm made landfall in Florida last month.
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Rising sea levels and ocean warming were likely factors in Helene’s strength.
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The figure does not include NFIP losses.
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Most of the estimated insured losses will be retained by insurers.
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Key floods this year outside of the US include the Rio Grande do Sul.
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The biggest limitation to growth is supply, given ILS capital “reticence” after the 2016-22 years.
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The numbers will be refined further to arrive at an industry loss estimate.
