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This is based on insured loss estimates of between $20bn and $60bn. -
The hurricane has destroyed hundreds of homes and left more than 2.7 million homes without power in Florida.
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The NHC storm track predicts landfall below Sarasota, south of Tampa Bay.
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Hurricane Milton’s overall impact, based on the current pre-landfall scenario, could lead to “moderate losses” for Plenum’s funds.
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Collateralised reinsurance and retro are in the firing line.
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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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The Mexican cat bond offers $125mn of protection against Atlantic named storms.
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A hurricane warning has been issued for the east coast of Florida.
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Most sources noted expectations of a $50bn+ event, but the range of outcomes is huge.
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Hurricane Milton strengthened from a tropical storm on Sunday to a Category 5 storm yesterday.
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Milton is expected to move north of the Yucatan Peninsula today and cross the eastern Gulf of Mexico by Wednesday.
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Parts of the Yucatan peninsula are under a hurricane warning, though the storm is expected to remain offshore.
