Moody’s RMS Event Response has reported that private market insured losses from Hurricane Milton are estimated to fall between $22 billion and $36 billion, with a best estimate of $26 billion. These losses stem from wind damage, storm surge, and flooding caused by the hurricane, which was the 13th named storm of the 2024 North Atlantic hurricane season.
Hurricane Milton, a category three storm, made landfall near Siesta Key, Florida, on October 9, with maximum sustained winds of 120 mph (193 km/h) and a central pressure of 954 hPa. It was the fifth hurricane to hit the U.S. this season and the third to strike Florida. The significant insured losses highlight the devastating impact of the storm on infrastructure and property.
Moody’s RMS also provided a combined loss estimate for both Hurricane Helene and Milton, ranging between $30 billion and $50 billion, refining an earlier projection of $35 billion to $55 billion. These figures emphasize the costly nature of this hurricane season, with widespread damage and recovery efforts still ongoing.
As the insurance industry braces for the financial burden, these figures illustrate the growing risks associated with increasingly severe weather patterns. With losses from Milton alone potentially reaching $36 billion, this season stands as a stark reminder of the importance of comprehensive risk assessment and preparedness in mitigating the economic impact of natural disasters.