The Strategist

Insurance payouts for damage from Hurricane Milton in the U.S. may reach $50 billion



10/17/2024 - 05:43



According to Verisk, insurance companies might have to pay between $30 billion and $50 billion to cover the losses on insured property caused by Hurricane Milton in Florida last week.



PH2 Davis Tucker
PH2 Davis Tucker
Compensation for victims affected by the previous hurricane Helen could potentially reach an additional $11 billion.

Analysts point out that evaluating the damage from each hurricane may be challenging due to the close timing between the two storms.

The primary reasons for property destruction from Hurricane Milton were powerful winds, along with flooding, caused by both the storm surge of ocean water onto land and overflowing rivers due to heavy rain.

source: cnn.com