Florida
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RMS will issue its final loss estimates for Milton later this week. -
With the storm’s losses looking more favourable, questions over rates and gross/net strategies will arise.
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Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.
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On Wednesday, the model had suggested a mean figure at $25.3bn.
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A more residential-skewed loss would impact Lloyd’s carriers in treaty where market share is lower.
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The event has spared (re)insurers the more extreme scenarios that were under discussion earlier this week.
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Milton made landfall south of Tampa Bay at Category 3 on Wednesday night.
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The cost to the NFIP is likely to be a “mid to high single-digit-billion impact”.
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The hurricane has destroyed hundreds of homes and left more than 2.7 million homes without power in Florida.
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Setting aside the storm’s greater potential insured loss scale, the flood risk implies greater exposure.
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The NHC storm track predicts landfall below Sarasota, south of Tampa Bay.
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The NHC is predicting storm surge, exacerbated by the tide, as high as 15ft for Tampa Bay.
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