Hurricane Milton News

Insured Losses From Natural Disasters Hit $140B as Climate Change ‘Shows Its Claws’

Insurers saw the third most expensive year for natural catastrophe losses in 2024 – reaching a total of US$140 billion – as climate change “is showing its claws,” according to Munich Re. Overall economic losses from natural disasters worldwide reached …

Viewpoint: It Is Insurers’ Time to Lead a Resilience Revolution

There is a risk crisis affecting the insurance industry. Hurricanes Helene and Milton left a trail of tens of billions of dollars of destruction across the southeastern United States. These latest storms have shown that no region is safe from …

Allstate October Catastrophe Losses of $286M Include Milton, Helene

Allstate today said it estimated pretax catastrophe losses of $286 million for the month of October. Losses during October included $102 million, pretax, from Hurricane Milton as well as $144 million in unfavorable reserve reestimates from Hurricane Helene primarily from …

Virginia Seeks $4.4 Billion Additional Federal Aid for Hurricane Helene Recovery

Citing the devastating impacts of Hurricane Helene in southwest Virginia, Governor Glenn Youngkin submitted a request to President Joseph Biden, President-elect Donald Trump and Congressional appropriators for $4.4 billion in federal support. Youngkin said the aid is needed to support …

St. Pete to Spend Millions on Stadium After Reducing Insurance Coverage This Year

Like a homeowner who cut back on coverage only to face catastrophic damage in a storm, St. Petersburg, Florida, city officials may be regretting some insurance changes after much of the roof of the Major League Baseball stadium was ripped …

Regional Banks With Florida Operations Brace for Loan Defaults After Hurricanes

Several regional lenders allocated loan-loss provisions in the third quarter to cover potential defaults by borrowers grappling with recent hurricanes, primarily in Florida, highlighting the risks extreme weather and climate change pose to banks. Two devastating hurricanes struck the Sunshine …

KBRA Says Florida Insurers Will Weather the Storms; Cat Fund Can Handle Payouts

Florida’s Hurricane Catastrophe Fund, a state-created layer of reinsurance, expects to pay out about $4.6 billion to help cover insurers’ losses in Hurricanes Helene and Milton. But that won’t trigger a surcharge on premiums. And a number of Florida property …

Global Reinsurers’ ROE Jumps to 22% in 2023, but Market Softening Unlikely: AM Best

AM Best’s population of global reinsurance companies posted a return on equity (ROE) of 22% in 2023 – a five-year high that was driven mainly by favorable investment income and strong underwriting performance. The fundamentals are excellent, but Hurricanes Helene …

Fla. DFS Offers to Check Contracts With Roofers, Adjusters; Tenn. Eyes Claims Denials

Officials in two Southeastern states have taken steps to hold insurers or recipients of insurance funds accountable after Hurricanes Helene and Milton spurred thousands of insurance claims. The Tennessee Department of Commerce and Insurance reminded insurance carriers that they must …

Program Uses AI to Send Cash Payments to 1,000 Households Hit by Hurricanes

Nearly 1,000 hurricane-impacted households in North Carolina and Florida will benefit this week from a new disaster aid program that employs a model not commonly used by philanthropy in the United States: Giving people rapid, direct cash payments. The nonprofit …