Hurricane Milton's Insured Losses Estimated at $30-60 Billion

The storm's impact on Florida's insurance market could lead to higher premiums and coverage challenges.

Morningstar DBRS revised its initial $100 billion loss estimate to a more manageable $30-60 billion after Hurricane Milton missed a direct hit on Tampa.
Fitch Ratings projected insured losses between $30 billion and $50 billion, marking the largest loss since Hurricane Ian in 2022.
Milton, a Category 3 hurricane, caused significant damage in Florida, leaving over 3 million homes without power and at least 10 fatalities.
Florida's property insurance market, already the most expensive in the U.S., faces potential strain from consecutive hurricanes Milton and Helene.
Global insured losses from natural catastrophes in 2024 have surpassed $100 billion, significantly exceeding the 10-year average.