2024-10-11 18:25:00
The president of the United States, Joe Bidendeclared this Friday that the Hurricane Milton caused Damage estimated at 50 billion dollars in Florida, as well as causing the death of at least 16 people. “Experts estimate (…) that it caused about $50 billion worth of damage,” he told reporters at the White House. The president of the United States confirms this calculations and estimates from the main consultancy companies specialists, who before the hurricane reached American shores feared that the costs would exceed 100 billion dollars.
But each risk analysis company has made its own calculations and the amounts vary. A report of Fitch Ratings it is estimated that the cost of the disaster will be between 30,000 and 50,000 million. The fifth hurricane and second major storm to hit the US Gulf this year hit Florida on Wednesday night, leaving more than three million people without power and causing widespread flooding. However, officials were cautiously optimistic that the damage was not as severe as feared, and Gov. Ron DeSantis said Florida had avoided a “catastrophic scenario.” Fitch does not expect Milton to harm the credit of large insurance or reinsurance companies, thanks to its “very strong capital levels”.
The rating agency Morningstar DBRS It also reduced its forecast for insured losses from the hurricane from an initial $100 billion to as much as $60 billion. The company justifies this decision by saying that the flooding caused by Milton has finally bypassed the city of Tampa. Only some local companies may have difficulty paying compensation.
Tampa Mayor Jane Castor said Friday that 65% of traffic lights are not working and that there are officers directing traffic at major intersections. It is a simple example of the magnitude of the hurricane’s effects, aside from the irreparable damage to human lives.
According to analysts RBC Capital, The industry can absorb the impact of the hurricane through the use of improved reinsurance contracts, diversified earnings and stronger financial reserves compared to previous catastrophes experienced this year, Insurance Business points out.
The analysts of Barclays They estimated that Milton’s losses to insurers could exceed $50 billion. In recent years insurance companies have faced losses resulting from these types of accidents, which has led them and reinsurance companies (which offer insurance to insurers) to increase their prices and tighten conditions for property risks high end. Shares of global reinsurers such as Swiss Re, Monaco Re and Lloyd’s of London, Beazley, Hiscox and Lancashire, have fallen in recent days but are expected to recover gradually.
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