Moody’s RMS estimates insured losses from Hurricane Milton to range between $22 billion and $36 billion, with a best estimate of $26 billion, while CoreLogic predicts losses of $17 billion to $28 billion. The storm, which was a Category 3 hurricane upon making landfall on October 9, has caused significant damage through wind, storm surge, and flooding across Florida, particularly impacting areas still recovering from previous hurricanes. Moody’s classifies Milton as one of the top 10 costliest hurricanes for the insurance industry, with expected losses to the National Flood Insurance Program exceeding $5 billion. Other modeling firms, including Verisk and Karen Clark & Co., have provided similar estimates, contributing to a cautious outlook for the overall insurance marketplace in 2024.
