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A $40bn Milton loss should barely dent many ILS returns but will trap some capital. -
On Wednesday, the model had suggested a mean figure at $25.3bn.
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The hurricane is likely to prevent rate reductions in property cat in 2025.
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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 made landfall south of Tampa Bay at Category 3 on Wednesday night.
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This is based on insured loss estimates of between $20bn and $60bn.
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Milton’s center is projected to make landfall near or just south of Tampa Bay.
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The NHC storm track predicts landfall below Sarasota, 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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Most sources noted expectations of a $50bn+ event, but the range of outcomes is huge.
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Destructive storm surge is expected along Florida’s West Coast on Wednesday.
