Hurricane Milton could deliver up to $100 billion in losses for global insurers, driving a surge in reinsurance premiums by 2025.

The Category 4 hurricane is expected to make landfall near Florida’s Gulf Coast, with Tampa in its path. Milton follows closely behind Hurricane Helene, which struck just two weeks ago.

Analysts at Morningstar DBRS estimate insured losses between $60 billion and $100 billion, putting pressure on smaller insurers, though large national firms remain more shielded​.

MILTON'S COST: Hurricane Milton is expected to cause $100 billion in damages as it rips through the state of Florida. Details: https://t.co/OrAw75Y35q pic.twitter.com/cVMNfFaKpU

— WFLA NEWS (@WFLA) October 10, 2024

Citizens Property Insurance, Florida’s public insurer, is set to cover much of the damage, while Moody’s RMS Event Response estimates combined losses from Milton and Helene to range from $35 billion to $55 billion.

Smaller regional insurers face increased earnings pressure, as many national insurers have scaled back in Florida due to profitability issues​.

Governor Ron DeSantis has declared a state of emergency for 51 counties, with evacuations underway across Florida.

With airports and roads packed, state resources are being mobilized for recovery efforts, while storm surges and destructive winds threaten catastrophic damage​.

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