Hurricane
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Total economic losses were $368bn, 14% above the 21st century average. -
CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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The loss tally is considerably lower than estimates issued by model vendors.
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The Floridian anticipates Hurricanes Debby and Helene to incur losses of $3.8mn in Q3 2024.
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Earlier this week, RMS estimated insured losses for Helene and Milton at $35bn-$55bn.
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Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.
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A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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The event has spared (re)insurers the more extreme scenarios that were under discussion earlier this week.
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Milton’s center is projected to make landfall near or just south of Tampa Bay.
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The storm is now predicted to make landfall south of Tampa Bay.
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The NHC is predicting storm surge, exacerbated by the tide, as high as 15 ft for Tampa Bay.
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Destructive storm surge is expected along Florida’s West Coast on Wednesday.
