Private market insured losses for Milton could reach $36bn —Moody

The latest figures from Moody’s RMS Event Response show that the total private market losses from Hurricane Milton could reach between $22 billion and $36 billion, with a best estimate of $26 billion.

The estimate represents insured losses associated with wind, storm surge and precipitation-induced flooding from the event.

Hurricane Milton was the 13th named storm of the 2024 North Atlantic hurricane season, the fifth hurricane to make landfall in the US this season and the third to make landfall in Florida.

It made landfall as a category three major hurricane near Siesta Key, Florida on October 9.

At landfall, Milton had maximum sustained winds of 120 miles per hour (193km per hour) and a central pressure of 954 hPa.

Moody’s RMS Event Response estimates total combined private market insured losses from Helene and Milton to between $30 billion and $50 billion.

According to cirmagazine.com, the combined loss estimate refines an earlier preliminary loss estimate of $35 billion to $55 billion.

READ ALSO: Why we rejected IPPIS — ASUU