CREDIT : GETTYIMAGES
HURRICANE MILTON ’ S IMPACT ON THE INSURANCE INDUSTRY FLORIDA , UNITED STATES
Hurricane Milton , a Category 5 storm , struck Florida ’ s Gulf Coast in October , leaving a trail of destruction and sparking concerns across the global insurance and reinsurance industries , with analysts forecasting potential insurance losses of up to US $ 60bn .
Early estimates suggest the scale of damage will mirror the devastation of Hurricane Ian , which also ravaged Florida in 2022 .
The storm prompted share price declines across major reinsurance firms – companies that provide insurance for insurance companies . Swiss Re and Munich Re , alongside Lloyd ’ s of London market participants Beazley , Hiscox and Lancashire , all saw their stock valuations decrease after Milton made landfall .
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