Hurricane Milton could cost insurers up to $100 billion, analysts say
LONDON - 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 on Wednesday.
A loss of $100 billion would put Milton on par with Katrina in 2005, they added, saying that insured losses would likely be"substantial but not catastrophic".The second-largest loss came from Ian, which hit Florida in 2022 and led to losses of around $60 billion. "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.
"It's only a matter of time before shares regain lost ground as prospects of harder pricing at the subsequent renewals set in," RBC added.Analysts at Peel Hunt said on Wednesday that a major hurricane making landfall across Tampa Bay and travelling west across the Florida Peninsula would be similar to a realistic disaster scenario set out by Lloyd's earlier this year, which projected a $134-billion loss for the insurance sector.
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