Total private market losses from Hurricane Milton could reach between US$22bn and US$36bn, with a best estimate of US$26bn, according to the latest figures from Moody’s RMS Event Response.
This estimate represents insured losses associated with wind, storm surge and precipitation-induced flooding from the event.
Hurricane Milton was the thirteenth named storm of the 2024 North Atlantic hurricane season, the fifth hurricane to make landfall in the US this season, and the third to make landfall in Florida. It made landfall as a Category 3 major hurricane near Siesta Key, Florida on 9th October. At landfall, Milton had maximum sustained winds of 120 miles per hour (193km per hour) and a central pressure of 954 hPa.
Moody’s RMS Event Response estimates total combined private market insured losses from Helene and Milton to be between US$30bn and US$50bn. This combined loss estimate refines an earlier preliminary loss estimate of US$35bn to US$55bn.
Source: cirmagazine.com
