Verisk Estimates Insured Losses To Onshore Property From Hurricane Milton Will Range From $30 Billion To $50 Billion -- MarketWatch

MarketWatch · 10/16 10:18

Data and technology company Verisk Analytics Inc. (VRSK) said Wednesday it estimates the insured losses to onshore property from Hurricane Milton will range from $30 billion to $50 billion. "This estimate includes losses due to wind, privately insured estimates of storm surge, and privately insured precipitation induced flood losses resulting from Milton's landfall in Florida," the company said in a statement. Most of the insured loss can be blamed on wind, it added. Milton became a hurricane on Oct. 6 and continued to strengthen through the overnight hours to morph into a Category 2 storm. That marked the start of a period of rapid intensification that saw it become a major hurricane around daybreak on Oct. 7 and reach Category 5 intensity by midday. Milton reached its peak that evening with maximum sustained winds of 180 mph and a minimum central pressure of 897 mb, making it the fifth lowest pressure of any Atlantic hurricane on record. "Included in the industry insured loss estimate are losses to onshore residential, commercial, and industrial properties and automobiles for their building, contents, and time element coverage, as well as the impact of demand surge," said Verisk.

-Ciara Linnane

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October 16, 2024 06:18 ET (10:18 GMT)