Hurricane Milton could cost insurers up to $100 billion, analysts say
Hurricane Milton could result in losses of up to $100 billion for the global insurance industry, creating a surge in 2025 reinsurance prices that could boost some insurance companies’ shares, analysts said Wednesday.
A loss of $100 billion would put Milton on par with Katrina in 2005, analysts at Morningstar DBRS added, saying that insured losses would likely be “substantial but not catastrophic”.
Katrina caused the largest insured loss from a hurricane.
The second-largest loss came from Ian, which hit Florida in 2022 and led to losses of around $60 billion.
RBC analysts estimated Milton would cause similar losses to Ian that should be “very manageable” for the insurance sector.
Analysts at Jefferies estimated a mid-double-digit billion-dollar insured loss would follow a major hurricane impact in one of Florida’s most heavily populated regions.
“A 1-in-100-year event is estimated by some to result in $175 billion in losses for landfall in the Tampa region, and $70 billion in losses in the Fort Myers region,” they wrote in a note, outlining an extreme scenario.
Storm-hit county warns residents: Don't become victims of hurricane scams
Millions of people across Florida are picking up the pieces after a second devastating hurricane, and Pinellas County is warning people not to also become victims of scammers.
Pinellas County Consumer Protection told residents last night to be cautious of companies and individuals offering repair services, to always research contractors and to never pay for the full job in advance.
"Beware of any contractor who tells you that extensive or structural repairs do not require a permit. The contractor should pull the required building permits, not the homeowner," the advice said.
State-certified contractors can be searched on an online database of vehicle license plates.
See the full advice here.
‘I’m heartbroken’: Florida family returns home after Hurricane Milton
The Drew family returned to its Punta Gorda home for the first time since the destruction of Hurricane Milton. NBC News’ Dana Griffin talks to the family members about the impact of the storm on their home.
‘It’s a complete disaster’: Sarasota County resident reacts to Hurricane Milton aftermath
Trenton Knepp, whose home flooded during Hurricane Helene, talked to NBC News’ Tom Llamas about riding out Hurricane Milton in his Sarasota County home and reeling from the aftermath.
Sheriff rescues 14-year-old boy clinging to fence in deep water
The Hillsborough County Sheriff's Office captured the dramatic moment yesterday when Sheriff Chad Chronister and his team rescued a 14-year-old boy who was just about floating on a submerged wooden fence in deep floodwaters.
More than 2.5 million still without power in Florida
More than 24 hours after Hurricane Milton made landfall, more than 2.5 million energy customers are still without power, according to PowerOutage.us.
Many face the prospect of days if not weeks in the dark, although state and federal workers were deployed even before the storm hit to get networks up and running.
‘Lieutenant Dan’ survives Hurricane Milton in a sailboat
TAMPA, Fla. — 54-year-old Joseph Malinowski, who has been dubbed “Lieutenant Dan” on social media, has survived record-breaking Hurricane Milton on his 20-foot sailboat.
Malinowski, who drew nationwide interest and concern over his highly publicized decision to ride out Hurricanes Helene and Milton on his vessel, chose to remain in the boat here despite several attempts from officials to safely evacuate him. Followers offered Malinowski shelter — both in nearby hotels and in their own homes — which he turned down.
Boy born during Hurricane Milton is a ‘miracle’
It was 4 a.m. ET Wednesday when Kenzie Lewellen’s labor began at her home in Port Charlotte, Florida, with Hurricane Milton hurtling toward the Gulf Coast.
Lewellen and her boyfriend, Dewey Bennett, 24, were both on edge.
Milton hadn’t hit yet, but the couple’s house was already taking in water before Lewellen’s contractions began.
Lewellen, a first-time mom, was 39 weeks pregnant, and the couple knew that if she “didn’t start having contractions until during the storm the roads would have been flooded and we were going to have a tough time getting” to the hospital, Bennett said.
False conspiracy theories about Hurricane Milton continue to swirl despite outcry from officials
Baseless conspiracy theories about weather modification and false claims about disaster relief efforts have continued to spread on X in recent days, with misinformation about Hurricane Milton adding to a mountain of false rumors about Hurricane Helene and its aftermath.
The spread has sparked a push from local and federal officials, along with some politicians, who have decried the spread of misinformation and outlandish claims about the origins of the storms.
But that has done little to quell some of the loudest voices.
Florida resident describes extent of home damage from Hurricane Milton
Florida resident Roy Schultheis talks to NBC News’ Tom Llamas about the damage that Hurricane Milton caused to his Palm Beach Gardens home.