-
Hurricane Milton strengthened from a tropical storm on Sunday to a Category 5 storm yesterday. -
Destructive storm surge is expected along Florida’s West Coast on Wednesday.
-
Moody’s also predicts losses to the NFIP at potentially more than $2bn.
-
The storm is packing maximum sustained winds of 175mph.
-
Milton is expected to move north of the Yucatan Peninsula today and cross the eastern Gulf of Mexico by Wednesday.
-
Parts of the Yucatan peninsula are under a hurricane warning, though the storm is expected to remain offshore.
-
Experts have raised concerns over significant rainfall, record-setting storm surge and lingering Hurricane Helene debris.
-
The “exceptionally large and powerful” Category 4 storm made landfall in Florida last month.
-
Rising sea levels and ocean warming were likely factors in Helene’s strength.
-
The figure does not include NFIP losses.
-
Most of the estimated insured losses will be retained by insurers.
-
The loss estimate covers Czechia, Poland and Austria.
