Hurricane Milton Causes Record-Breaking Insured Losses in Florida
Hurricane Milton Makes Landfall in Florida, Causes $25 Billion in Insured Losses
Hurricane Milton, which hit Florida in October, caused about $25 billion in insured losses, the largest amount of insured losses from any natural disaster in 2024, according to an analysis by Munich RE, an international insurance and reinsurance company. Overall losses from Milton totaled about $38 billion, as not all losses were insured.
Hurricane Helene Causes Larger Overall Losses
Munich RE, which released the information on Thursday, said Hurricane Helene caused the largest amount of overall losses in 2024, at $56 billion, with $16 billion in insured losses. Helene made landfall in late September in North Florida’s Taylor County before causing major damage in other states such as Georgia and North Carolina. Milton made landfall in Sarasota County before barreling across Florida.
Munich RE Analysis
Munich RE said on its website that Milton was "slightly weaker" than Helene when it made landfall. "Nevertheless, it produced the highest insured losses of the year, totalling ($25 billion) — even though it narrowly missed the Tampa metropolitan area," Munich RE said. "It drove a storm surge into Southwest Florida and cut a swathe of wind damage right across the state. This led to a total loss of ($38 billion)."
The Story of One Orlando-Area Man Who Lost His Life
One Orlando-area man died in Hurricane Milton. Here’s his story. Harry "Hap" Hopkins was found in his yard northwest of Orlando, where he apparently stepped on a downed power line while clearing debris on October 10. Hopkins, 67, a Central Florida native and retired agent with the Florida Department of Law Enforcement, was remembered by friends as a deeply religious man who would do anything for those he loved.
Flood Damage and Uninsured Losses
Losses might not be insured, for example, because property-insurance policies typically do not cover flood damage. Many homeowners do not buy separate flood insurance. Munich RE said Helene’s wind speeds were "not the main cause of the high claims burden. In the storm’s wake, severe flooding from heavy rain spread northward into the Appalachian regions from Georgia to North Carolina. More than 200 people lost their lives."
Conclusion
Hurricane Milton caused significant damage and loss of life in Florida, and its insured losses are the highest ever recorded in a single event. The storm’s impact was felt across the state, with losses totaling $38 billion. The story of Harry "Hap" Hopkins serves as a reminder of the devastating effects of natural disasters and the importance of preparedness and resilience.
Frequently Asked Questions
Q: What were the insured losses from Hurricane Milton?
A: The insured losses from Hurricane Milton were $25 billion.
Q: What were the overall losses from Hurricane Milton?
A: The overall losses from Hurricane Milton were $38 billion.
Q: What was the cause of the high claims burden from Hurricane Helene?
A: The high claims burden from Hurricane Helene was primarily due to severe flooding from heavy rain in the Appalachian regions from Georgia to North Carolina.
Q: How many people lost their lives in Hurricane Milton?
A: More than 200 people lost their lives in Hurricane Milton.
