Florida

Fema: More than 72,000 NFIP claims filed in Florida for Debby, Helene and Milton so far

The Federal Emergency Management Agency has said that more than 72,000 National Flood Insurance Program policyholders have filed claims in Florida from hurricanes Debby, Helene and Milton.

Heritage expects $57mn net Milton loss, gross loss could reach tower’s third layer

Florida carrier Heritage Insurance Holdings has estimated $48mn of net catastrophe losses stemming from Hurricanes Debby and Helene for the third quarter and $57mn from Hurricane Milton for the fourth quarter.

$30bn-$50bn Milton loss ends prospect of US property/cat rate reductions at 1.1: Stonybrook

Stonybrook Capital has estimated total insured losses from Hurricane Milton at between $30bn and $50bn, with the upper end of the range ranking the event among the dozen most severe storms in recent history.

HCI to pay out $600mn-$750mn from Debby, Helene and Milton, with $185mn net expense

Florida carrier HCI Group has estimated $600mn to $750mn of losses attributable to Hurricanes Debby, Helene, and Milton, with $60mn net expenses expected for the first two storms in Q3 and a net expense of $125mn for Milton in Q4.

Verisk estimates Milton insured losses at $30bn-$50bn

Verisk’s Extreme Event Solutions unit has become the latest modelling firm to provide a wide-ranging estimate for Hurricane Milton amid continued uncertainty over the ultimate quantum of insured losses from the event.

KCC pegs Milton privately insured losses at $36bn

Karen Clark & Company has estimated that privately insured losses from Hurricane Milton will be close to $36bn in the US as a result of wind, storm surge and inland flooding.

Stonybrook estimates Milton loss at $30bn-$50bn

Stonybrook Capital has estimated insured losses from Hurricane Milton at between $30bn and $50bn, warning the full extent of industry impacts will be slow to emerge.

Early post-landfall Aon estimate puts Milton insured losses at $25bn-$40bn

A post-landfall view of Hurricane Milton shared by Aon in a client communication points to a total insured loss of $25bn to $40bn, of which around 25 percent would be ceded to traditional markets – a level that sources said would be expected to flatten cat renewals at 1.1 but not drive hardening.

Fitch: Milton not expected to exhaust most Florida specialists’ cat reinsurance programs

Hurricane Milton is not likely to affect credit for rated P&C insurers and global reinsurers, Fitch Ratings has said, adding that it does not expect most Florida property insurance specialists’ reinsurance programs to be exhausted.

Milton set to curtail property softening but not currently viewed as market mover

Hurricane Milton’s potential to be “the big one” took over conversations at the CIAB and APCIA events earlier this week as talk turned to the possibility of a market-moving event, but a southerly shift in track meant the worst-case scenario did not play out.

Hurricane Milton leaves complex loss picture for industry to unravel

Milton is pulling away from Florida’s Atlantic coast this morning, having retained hurricane status on its track across the peninsula following last night’s Category 3 landfall in Sarasota County.

Florida CFO issues Milton emergency rule amid media scrutiny of adjusters

Florida CFO Jimmy Patronis issued an emergency rule before Hurricane Milton made landfall intended to enhance transparency in the claims adjusting process, a move that also follows recent media scrutiny of Heritage over its adjusters’ practices.

Cat bond market loss from Milton expected to be below 5%: Icosa

ILS manager Icosa Investments has predicted that Hurricane Milton will result in a cat bond market loss of less than 5 percent, although figures could still shift in the coming weeks.

Milton likely to result in moderate cat bond market loss: Plenum

Hurricane Milton will only lead to moderate losses for the cat bond market despite the segment’s substantial potential loss exposure, according to Plenum Investments.

Milton makes landfall near Siesta Key, FL as Cat 3 hurricane

Hurricane Milton made landfall on Florida’s central west coast earlier this morning as a Category 3 hurricane with maximum sustained winds of 120 mph, but a worst-case scenario was avoided as its path tracked further south of Tampa Bay than had earlier been feared.

AM Best: Milton poses “severe challenge” for FL property (re)insurers

Incoming Hurricane Milton poses a “significant threat” and “severe challenge” to the Florida property insurance market, with specialty carriers such as those in the homeowners space that are concentrated in the Sunshine State facing a potential capital event, according to AM Best.

Milton landfall location “will go down to the wire” but current track to avoid worst-case Tampa scenario

Hurricane Milton’s forecast track has shifted further away from Tampa Bay over the past few hours, reducing potential for a worst-case scenario industry loss of $100bn or more.

Unique Milton expected to have broad personal and commercial lines impact across FL path

As the final path of Hurricane Milton into the Florida coast becomes clearer in the coming hours, the insurance industry is viewing scenarios that could see very different outcomes for insured losses in a range as wide as $15bn to $100bn+ as well as the distribution between personal and commercial lines.

Milton reintensifies to Cat 5 and forecast to remain major hurricane at landfall

Official forecasts expect Milton will remain a major hurricane when it reaches Florida’s west coast either this evening or very early Thursday morning.

Moody’s: Around 250k commercial properties worth $1.1trn face Milton wind threat

Around 250,000 commercial properties worth around $1.1trn in value face more than a 50 percent chance of being exposed to wind speeds greater than 50 mph from Hurricane Milton, according to an estimate by Moody’s.

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