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Morningstar DBRS predicts Milton insured loss at $30bn-$60bn
The estimate applies to a landfall south of Tampa Bay.
Latest News
A roundup of all the news you need today, including Hurricane Milton’s shifting track.
Most sources noted expectations of a $50bn+ event, but the range of outcomes is huge.
Earlier this week, Moody’s RMS Event Response estimated the event would cost $8bn-$14bn.
Prior forecasts indicated a more northward track towards Tampa Bay and St Petersburg.
Behind the Headlines
Behind the Headlines: Hiscox Re’s Nick Orton on evolving international cat risks
We may be in the midst of US hurricane season, but international catastrophe losses can emerge at any moment.
Behind the Headlines is a fortnightly podcast hosted by Insurance Insider's senior reporter Sam Casey.
Get the inside scoop on the major stories shaping the London market through discussions with the journalists who broke them. Plus, hear from industry professionals on what these developments mean for the (re)insurance sector.
Every other Friday morning, Behind the Headlines will break down the biggest stories of the last two weeks. Sam will discuss these stories with the journalists who broke them: Catrin Shi, Fiona Robertson, Rachel Dalton and the rest of Insurance Insider's award-winning editorial team.
Plus, he will interview the big names from the London market, getting their perspectives on the state of the industry and the latest headlines.
Opinion
Space insurance rates rocket as major losses and capacity contraction hit
Space insurers are running at a near-200% loss ratio after booking losses of over $1bn in 2023.
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Hurricane Milton now a Category 4 storm: NHC
09 October 2024 -
Morningstar DBRS predicts Milton insured loss at $30bn-$60bn
09 October 2024 -
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Analysis
Increased interest follows ratings agency upgrades of Lloyd’s paper.
Many insurers have cut back lines in Lebanon, although larger insured sums are at stake in Israel.
Sources expect significant loss amplification in the claims that will come from Georgia, the Carolinas and Tennessee.
The Category 4 event will highlight the impact of recent market hardening.
More News
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Hurricane Milton restrengthens to Category 5: NHC
08 October 2024 -
NHC extends storm surge southward to Port Canaveral
08 October 2024 -
Milton track shifting northward towards Tampa: NHC update
08 October 2024
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Offshore renewables set for prolonged soft market: Nardac
08 October 2024 -
Hardening cycle ‘starting to turn’ in low-loss power market: WTW
08 October 2024 -
Gallagher hires Marsh’s Stobart for upstream in trio of hires
08 October 2024 -
Milton intensifies but set for Cat 3 landfall
08 October 2024
Interviews
Interviews
Nick Orton said the market is now pricing for non-peak perils, amid some surprise losses.
Pockets in the business are still experiencing significant stress, she added.
The MGA aims to capitalise on the growth and maturation of the continental MGA sector.
The executive said that being in Lloyd’s would help the carrier’s global distribution.
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