Washington /
He Hurricane Milton could lead to insurance losses of up to $60 billion if it continues on its current path, and analysts warn that the 2024 hurricane season in USA It will “impact” the profitability of insurers.
He National Hurricane Center reported that Milton reached the city of Tampa as “a large, extremely dangerous hurricane.” The cyclone hit as a category 3, with winds of up to 129 miles per hour (208 kilometers).
Credit rating agency Morningstar DBRS estimated that a change in course leading to a direct impact on tampa could cause losses of up to $100 billion, which will be on par with those of the Hurricane Katrinaand will make it one of the costliest natural disasters in US history.
The director of the US Federal Emergency Management Agency, Deanne Criswellsaid Milton is a “deadly and catastrophic storm” that will bring “strong winds and severe flooding” to Florida.
Milton It is the second major hurricane to hit the US in fifteen days. It comes after Helene wreaked havoc across several southeastern states, killing more than 225 people and destroying roads in western North Carolina.
Morningstar warned that the accumulation of losses during the 2024 hurricane season, which will extend through the end of November, “will likely impact the profitability of insurers,” particularly those with “significant exposure to personal lines in Florida.”
Although Southeast Florida has long been considered a high-risk area for hurricanes, insurers viewed the northern part of the state as a more attractive place to issue policies, he said. Oscar SeikalyCEO of NSI Insurance.
“Insurers have been balancing their businesses by writing a lot of policies in the north, which historically was quite safe, until recently,” he said.
Seikaly He added that possible damage in the area, where many homes are not built to withstand large storms, could be serious. “There are still wooden houses and those are the ones that blow away if there is a tropical storm,” he said, predicting that after this year’s hurricane season “policies will increase at least 20 percent.”
The US Securities and Exchange Commissionthe US financial regulator, is “closely monitoring” Milton’s impact on investors and capital markets and will consider offering relief from filing deadlines for those affected by the storm.
The governor of Florida, Ron DeSantissaid that 6,000 members of the Florida National Guard and 3,000 from other states are ready to respond to the consequences of the hurricane.
“This is the largest search and rescue mobilization of the Florida National Guard in the entire history of the state,” he noted.
DeSantis He also tried to reassure residents about fuel availability, after reports that some gas stations had reported shortages due to panic buying. Highway police patrols escorted tankers through traffic to replenish supplies at service stations.
The president Joe Biden criticized donald trump for leading an “avalanche of lies” about the government’s response.
The Republican presidential candidate has sought to politicize both Helene and Milton by accusing the Biden administration of not doing enough to help communities affected by the storms. It also spread false information about the amount of financial support available to people fleeing disaster areas.
“Over the last few weeks there has been reckless, irresponsible and relentless promotion of disinformation and outright lies that are disturbing people,” Biden said. “It is undermining confidence in the incredible rescue and recovery work that has already been done and will continue to be done. “It is detrimental to those who need help the most.”
Biden He also criticized a social media post by Georgia Republican Congresswoman Marjorie Taylor Greene suggesting the government controls the climate. “That is beyond ridiculous. “It has to stop,” he said.
In the Tampa Bay area, officials sent text messages and called people to warn them of the dangers of not evacuating their homes.
In Pinellas County, which sits on the peninsula that forms Tampa Bay, officials warned people to “get out now.” The director of emergency management, Cathie Perkinssaid 13 public shelters are open for people with no other options to escape the hurricane, and warned that bridges to Tampa will soon be closed. “Everyone in Tampa Bay should assume that we are going to be ground zero,” he said.
Meanwhile, an independent group of scientists said man-made climate change increased Helene’s devastating rains by 10 percent and intensified its winds by 11 percent.
Global warming due to the burning of fossil fuels made the high sea temperatures that fueled the storm 200 to 500 times more likely, the World Weather Attribution group concluded in a new report.
