Milton has gone - now the cleanup :
https://edition.cnn.com/weather/live-news/hurricane-milton-path-florida-10-10-24...43 min ago
Hurricane Milton could hit $50 billion in losses for those insured, Fitch Ratings estimates
From CNN's Matt Egan
Hurricane Milton’s devastating wind, tornadoes and rain likely caused between $30 billion and $50 billion worth of insured losses, Fitch Ratings said Thursday afternoon.
That would be the most since Hurricane Ian caused $60 billion of insured losses when it took a similar path in 2022, Fitch said.
Importantly, the Fitch estimate does not include uninsured losses, which could also be significant. Last month’s Hurricane Helene likely caused more uninsured losses than insured losses due to historic flooding and a lack of flood insurance in some hard-hit areas.
The fact that Milton followed so quickly after Helene could complicate matters.
Fitch said that ultimate losses will depend on higher demand and limited supply of workers and materials “following multiple large-scale disasters,” noting this can increase insured losses by 20% or more.
Hurricane Milton is projected to lift insured losses above $100 billion in 2024, marking the fifth straight year insurers hit that milestone.
Milton is not likely to hurt the credit ratings of property/casualty insurers and global insurers because they have “very strong capital levels,” Fitch said.
However, Fitch said Florida property insurance specialists “are vulnerable to the extent the major hurricane generates losses in excess of reinsurance limits.”
“The Florida homeowners’ insurance market’s precarious position will weaken further with the destruction generated by Milton,” Fitch said.
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