{"id":112419,"date":"2024-10-10T06:13:53","date_gmt":"2024-10-09T23:13:53","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=112419"},"modified":"2024-10-10T06:13:53","modified_gmt":"2024-10-09T23:13:53","slug":"hurricane-milton-could-cost-60bn-in-insurance-losses","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=112419","title":{"rendered":"Hurricane Milton could cost $60bn in insurance losses"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=8d348395-7286-486d-8837-49576c27ec8b\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Hurricane Milton could trigger insurance losses of up to $60bn if it stays on its current path, with analysts warning the US\u2019s 2024 hurricane season will \u201cdent\u201d insurers\u2019 profitability.<\/p>\n<p>The National Hurricane Center forecasts the storm, which is heading towards <a href=\"https:\/\/www.ft.com\/stream\/e2b597c1-5c0d-30f7-b8d6-73ed44d5af6f\" data-trackable=\"link\">Florida<\/a>, will make landfall south of the city of Tampa as \u201can extremely dangerous major hurricane\u201d on Wednesday night. It is currently a category 3 storm, with winds of up to 120mph. The NHC warned of \u201clife-threatening\u201d gusts, tornadoes and storm surges of 10 feet or higher.<\/p>\n<p>Credit rating agency Morningstar DBRS estimated that a change of course leading to a direct hit on Tampa could trigger losses of up to $100bn, which would be on a par with those of Hurricane Katrina, and would make it one of the costliest natural disasters in US history.<\/p>\n<p>The head of the US Federal Emergency Management Agency, Deanne Criswell, on Wednesday said Milton would be a \u201cdeadly and catastrophic storm\u201d bringing \u201cmassive storm surge, high winds and severe flooding\u201d to Florida. <\/p>\n<p>Milton is the second major <a href=\"https:\/\/www.ft.com\/hurricanes\" data-trackable=\"link\">hurricane<\/a> to hit the US in a fortnight. It comes after Hurricane Helene wreaked havoc across several south-eastern states, killing more than 225 people and destroying roads across western North Carolina.<\/p>\n<p>Morningstar warned accumulation of losses over the 2024 hurricane season, which runs until the end of November, would \u201clikely make a dent in insurers\u2019 profitability\u201d, particularly for those with \u201csignificant exposures to personal lines in Florida\u201d.<\/p>\n<p>While south-east Florida has long been seen as a high-risk area for hurricanes, insurers considered the northern part of the state as a more attractive place to write policies, said Oscar Seikaly, chief executive of NSI Insurance, a Miami-based group.<\/p>\n<p>\u201cInsurers have been balancing their business by writing lots of policies up north, which historically was pretty safe \u2014 until recently,\u201d he said. <\/p>\n<p>Seikaly added the potential damage in the area, where many houses are not built to withstand major storm events, could be severe. \u201cThere are still frame houses and those are the ones that fly if you have a tropical storm,\u201d he said.<\/p>\n<p>He predicted that after this year\u2019s hurricane season \u201cpolicies will absolutely go up by at least 20 per cent\u201d.<\/p>\n<p>The Securities and Exchange Commission, the US financial regulator, on Wednesday said it was \u201cclosely monitoring\u201d the impact of Hurricane Milton on investors and capital markets, and would consider offering relief from filing deadlines for those affected by the storm.<\/p>\n<p>Florida governor Ron DeSantis said 6,000 members of the Florida National Guard and 3,000 from other states were standing ready to respond to the aftermath of the hurricane.<\/p>\n<div class=\"n-content-layout\" data-layout-name=\"auto\" data-layout-width=\"full-grid\">\n<div class=\"n-content-layout__container\">\n<div class=\"n-content-layout__slot\">\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A068f2759-5edf-44ac-a5b2-e971c7b618fd?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A068f2759-5edf-44ac-a5b2-e971c7b618fd?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A068f2759-5edf-44ac-a5b2-e971c7b618fd?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=3 3x\" width=\"2289\" height=\"1526\"\/><img decoding=\"async\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F068f2759-5edf-44ac-a5b2-e971c7b618fd.jpg?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1\" alt=\"People arriving to shelter at a school ahead of Hurricane Miton\u2019s expected landfall in Florida, US on October 9 2024\" data-image-type=\"image\" width=\"2289\" height=\"1526\" loading=\"lazy\"\/><\/picture><figcaption class=\"n-content-picture__caption\"><span>Evacuees arriving to shelter at a school in Bradenton, Florida <\/span><span> <!-- -->\u00a9 AFP via Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<div class=\"n-content-layout__slot\">\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Ac55bcd80-ae61-47a6-9d2e-cc313a09bb30?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Ac55bcd80-ae61-47a6-9d2e-cc313a09bb30?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Ac55bcd80-ae61-47a6-9d2e-cc313a09bb30?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=3 3x\" width=\"2289\" height=\"1526\"\/><img decoding=\"async\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc55bcd80-ae61-47a6-9d2e-cc313a09bb30.jpg?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1\" alt=\"Flood protection barriers outside Tampa hospital in Florida, US on October 9 2024\" data-image-type=\"image\" width=\"2289\" height=\"1526\" loading=\"lazy\"\/><\/picture><figcaption class=\"n-content-picture__caption\"><span>Flood protection barriers outside a Tampa hospital<\/span><span> <!-- -->\u00a9 Reuters<\/span><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<p>\u201cThis is the largest Florida National Guard search and rescue mobilisation in the entire history of the state of Florida,\u201d he told reporters on Wednesday.<\/p>\n<p>DeSantis also tried to reassure Florida residents about the availability of fuel, following reports that some petrol stations had run dry because of panic buying. Highway patrol cars were escorting tankers through traffic to replenish supplies at petrol stations, he said.<\/p>\n<p>President Joe Biden on Wednesday criticised Republican presidential candidate Donald Trump for leading an \u201conslaught of lies\u201d about the US government\u2019s response to the storm.<\/p>\n<p>Trump has sought to politicise both Hurricane Helene and Hurricane Milton by accusing the Biden administration of not doing enough to help communities hit by the storms. He has also spread false information about the amount of financial aid available to people fleeing disaster areas.<\/p>\n<p>\u201cFor the last few weeks, there\u2019s been a reckless, irresponsible and relentless promotion of disinformation and outright lies that are disturbing people,\u201d said Biden. \u201cIt\u2019s undermining confidence in the incredible rescue and recovery work that has already been taken and will continue to be taken. It\u2019s harmful to those who need help the most.\u201d<\/p>\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Af69ba1a0-3c3b-4b1f-a9d6-8d03cb76b3d9?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Af69ba1a0-3c3b-4b1f-a9d6-8d03cb76b3d9?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=2 2x\" width=\"1458\" height=\"1458\"\/><source media=\"(max-width: 490px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A04666456-e45a-492e-9416-5a4cee9f50cd?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=490&amp;dpr=1 1x\" width=\"625\" height=\"1063\"\/><img decoding=\"async\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd6c748xw2pzm8.cloudfront.net%2Fprod%2Fb4ae03c0-856c-11ef-90a7-3dd73bcf4c19-standard.png?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1\" alt=\"Map showing the forecast accumulated rainfall from Hurrican Milton between October 8 and 10. More than 300mm (12 inches) of rain is expected in parts of Florida\" data-image-type=\"graphic\" width=\"1458\" height=\"1458\" loading=\"lazy\"\/><\/picture><\/figure>\n<p>Biden also attacked a social media post by the Republican congresswoman from Georgia, Marjorie Taylor Greene, that suggested the government controlled the weather.<\/p>\n<p>\u201cIt\u2019s beyond ridiculous,\u201d he said. \u201cIt\u2019s got to stop\u201d. <\/p>\n<p>In the Tampa Bay area, officials were sending text messages and calling people to warn them of the dangers of failing to evacuate their homes. In Pinellas County, which sits on the peninsula that forms Tampa Bay, officials warned people to \u201cget out now\u201d.<\/p>\n<p>Emergency management director Cathie Perkins said 13 public shelters were open for people with no other options to escape the hurricane, and warned that bridges across to Tampa were closing. \u201cEverybody in Tampa Bay should assume we are going to be ground zero,\u201d she said.<\/p>\n<p>Meanwhile, an independent group of climate scientists said human-caused climate change had boosted Hurricane Helene\u2019s devastating rainfall by about 10 per cent and intensified its winds by about 11 per cent.<\/p>\n<p>Global warming from the burning of fossil fuels had made the high sea temperatures that fuelled the storm 200 to 500 times more likely, the World Weather Attribution group found in a <a href=\"https:\/\/mcusercontent.com\/854a9a3e09405d4ab19a4a9d5\/files\/dd14636a-3472-a780-ba8d-cf4c6e14abc8\/Scientific_report_Hurricane_Helene.pdf\" data-trackable=\"link\">new report<\/a>.<\/p>\n<div class=\"n-content-layout\" data-layout-name=\"card\" data-layout-width=\"full-width\">\n<div class=\"n-content-layout__container\">\n<h3 class=\"n-content-heading-3\">Climate Capital<\/h3>\n<div class=\"n-content-layout__slot\">\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A384cfd92-a50b-4bce-9d00-ffdbff93b8ec?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1 1x\"\/><img decoding=\"async\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F384cfd92-a50b-4bce-9d00-ffdbff93b8ec.jpg?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1\" alt=\"\" data-image-type=\"image\" loading=\"lazy\"\/><\/picture><\/figure>\n<\/div>\n<div class=\"n-content-layout__slot\">\n<p>Where climate change meets business, markets and politics. <a href=\"https:\/\/www.ft.com\/climate-capital\" data-trackable=\"link\">Explore the FT\u2019s coverage here<\/a>.<\/p>\n<p>Are you curious about the FT\u2019s environmental sustainability commitments? <a href=\"https:\/\/aboutus.ft.com\/company\/sustainability\" data-trackable=\"link\">Find out more about our science-based targets here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.ft.com\/content\/8d348395-7286-486d-8837-49576c27ec8b\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Hurricane Milton could trigger insurance losses of up to $60bn &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=112419\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-112419","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/112419","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=112419"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/112419\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=112419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=112419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=112419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}