(Bloomberg) -- Damage from Hurricane Milton is expected to cost insurers almost $36 billion, according to an estimate from risk modeling firm Karen Clark & Co.
The calculation covers privately insured losses from damage caused by wind, storm surges and inland flooding to automobiles and residential, commercial and industrial properties. It also includes business interruption.
Milton made landfall in Florida’s Tampa Bay area last week as a Category 3 hurricane, less than two weeks after Hurricane Helene hit US shores and wreaked devastation far inland.
The back-to-back storms could cost insurers as much as $55 billion, according to early estimates. That’s far below the total economic cost, in part because insurance doesn’t cover much of the damage.
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