The damage caused by Hurricane Milton may include financial havoc in the Florida insurance market. Veuer’s Matt Hoffman has the story.
Category
🗞
NewsTranscript
00:00The damage caused by Hurricane Milton may include financial havoc in the Florida insurance market.
00:05That's according to an analysis issued Wednesday by financial services company Morningstar.
00:09They project that the storm's insurance losses could range from $30 billion to $100 billion,
00:14depending on where Milton makes landfall. The upper end of that range,
00:18which depends on the storm directly hitting Tampa,
00:20would be comparable to the effects of Hurricane Katrina in 2005.
00:24Morningstar says that at any level of severity,
00:26insurance rates and renewal conditions are likely to get harsher next year.
00:30It's a major blow for a state that's already been having trouble making insurance accessible
00:34in recent years. In 2002, Florida set up a non-profit called Citizens Property Insurance
00:39Corporation as an insurer of last resort. But according to the Financial Times,
00:43Hurricane Milton could put its budget in the red,
00:46in which case the costs would redound back onto Florida residents.