Property
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Hurricane Milton strengthened from a tropical storm on Sunday to a Category 5 storm yesterday. -
Parts of the Yucatan peninsula are under a hurricane warning, though the storm is expected to remain offshore.
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The figure does not include NFIP losses.
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Most of the estimated insured losses will be retained by insurers.
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Paul Bantick will continue to oversee the cyber risks division during the search for his successor.
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The numbers will be refined further to arrive at an industry loss estimate.
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Moody’s described Hurricane Helene as “like Idalia but worse”.
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The storm made landfall as a major hurricane in Florida’s Big Bend region.
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The ratings agency expects insured losses of around $5bn for Helene.
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Tallahassee avoided a major hit – but flood and storm-surge losses remain unknown.
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An unexpected shift east towards Tampa could push losses beyond $10bn.
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The effort will draw from California’s research and higher education communities.
