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Hurricane Milton strengthened from a tropical storm on Sunday to a Category 5 storm yesterday. -
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 storm is packing maximum sustained winds of 175mph.
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The government flood insurance program now carries $21bn in debt.
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Milton is expected to move north of the Yucatan Peninsula today and cross the eastern Gulf of Mexico by Wednesday.
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The loss ends a spell of benign claims activity in the downstream segment.
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Experts have raised concerns over significant rainfall, record-setting storm surge and lingering Hurricane Helene debris.
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The “exceptionally large and powerful” Category 4 storm made landfall in Florida last month.
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Sources expect at least $80mn-$90mn of insured losses stemming from the case.
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Rising sea levels and ocean warming were likely factors in Helene’s strength.
