Milton is expected to result in $50 billion in insured losses
According to the Fitch credit rating agency, Hurricane Milton is expected to cause between $30 billion and $50 billion in insured losses, marking the highest storm-related damage in the past two years.
Fitch Ratings reported that this would result in total annual insured losses for insurers in the state exceeding $100 billion for the fifth consecutive year.
The agency stated that the already fragile Florida homeowners’ insurance market will face even more challenges due to the damage caused by Milton.
A tornado caused significant damage to homes in The Preserve development as Hurricane Milton moved across Florida on Thursday in Wellington, Florida, U.S. [Greg Lovett/Palm Beach Post/USA Today Network via Reuters]
Today’s events unfolded like this
This live page will be shutting down shortly. Here are the key updates as the impact of Hurricane Milton becomes more apparent:
- Authorities have reported that there have been 10 fatalities linked to the event that made landfall in Florida on Wednesday night.
- So far, over 340 individuals have been rescued in Florida, as flooding persists in certain regions, leaving more than three million people without electricity.
- US President Biden has urged Congress to swiftly approve additional disaster funding while criticizing Republican candidate Trump for disseminating false information regarding the storm.
- The National Hurricane Center has reported that the tornadoes generated by Milton, numbering around 150, were notably powerful, highlighting the exceptional intensity of the storm.
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