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Moody’s also predicts losses to the NFIP at potentially more than $2bn. -
The storm is packing maximum sustained winds of 175mph.
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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.
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The “exceptionally large and powerful” Category 4 storm made landfall in Florida last month.
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Rising sea levels and ocean warming were likely factors in Helene’s strength.
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The figure does not include NFIP losses.
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The numbers will be refined further to arrive at an industry loss estimate.
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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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The NFIP has a higher take-up rate in Tampa Bay, which experienced record coastal storm surge.
