Catastrophe losses
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Geopolitical conflict could expose the global economy to $14.5tn in losses. -
The storm is now predicted to make landfall south of 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.
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Moody’s also predicts losses to the NFIP at potentially more than $2bn.
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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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Brokers will only get more vocal on aggregate or secondary peril if Helene remains a retained loss event.
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Most of the estimated insured losses will be retained by insurers.
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Sources expect significant loss amplification in the claims that will come from Georgia, the Carolinas and Tennessee.
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The ratings agency expects insured losses of around $5bn for Helene.
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