Damages from Hurricane Milton may put Florida property insurers and reinsurers under significant financial pressure after Hurricane Helene, according to global credit rating agency AM Best.
Milton made landfall near Siesta Key in Florida on Wednesday, classified as a Category 3 storm. It came days after Helene hit the region.
The back-to-back natural disasters could turn out to be “devastating” for insurers, AM Best said in an Oct. 9 report.
“Insured losses from Hurricane Milton are expected to be significant and amplified by damage caused by Hurricane Helene,” it said.
“Debris from Hurricane Helene that has not been secured or disposed up of could become airborne once Hurricane Milton makes landfall, exacerbating potential property losses,” Christopher Graham, senior industry analyst at AM Best, said in a statement….