Hurricane Milton Could Result In A $60+ Billion Loss For The Insurance Industry
1 week ago
Hurricane Milton is the second in a one two punch that hit the Sunshine state in a matter of weeks, after Helene ripped through causing billions of dollars of damage in several southeastern states.
Now, according to analysts, the damage left behind by Milton could cost $60 to $100 billion dollars in insurance losses – adding to the issue of high insurance prices, or insurers who refuse to pay claims.
Martin Weiss, founder of the independent Weiss Ratings analysis firm said,
‘These are additional risks that, based on the fundamental principles of insurance, should not be present. Your insurance company’, he said, ‘is supposed to be your backup plan.’
Plus, people in Florida could also be on the hook for more charges if the state-run insurer runs out of money to pay claims.
Now, according to analysts, the damage left behind by Milton could cost $60 to $100 billion dollars in insurance losses – adding to the issue of high insurance prices, or insurers who refuse to pay claims.
Martin Weiss, founder of the independent Weiss Ratings analysis firm said,
‘These are additional risks that, based on the fundamental principles of insurance, should not be present. Your insurance company’, he said, ‘is supposed to be your backup plan.’
Plus, people in Florida could also be on the hook for more charges if the state-run insurer runs out of money to pay claims.
