Assessing the damage and financial toll on insurers of Hurricane Milton

Hurricane Milton swept through Florida with strong winds, heavy rains, and several tornadoes, causing at least four deaths. The storm made landfall on October 9 in Siesta Key as a Category 3 hurricane, wreaking havoc along much of the coast and leaving more than 3.2 million people without power. Cities like Tampa and St. Petersburg faced flooding of over 16 inches of rain, and storm surge and tropical storm warnings remain in effect for Florida, Georgia, and South Carolina.

Before Hurricane Milton made landfall on October 9, heavy rains and tornadoes had already impacted southern Florida. One tornado passed through the Everglades, and another caused minor damage in Fort Myers. Four people were killed by tornadoes in St. Lucie County, where about 125 homes, many in senior communities, were destroyed. Milton made landfall as a Category 3 hurricane but was downgraded to Category 2 within 90 minutes. By October 10, it was a Category 1 storm with winds of 85 mph as it left Florida near Cape Canaveral.

More than 60% of gas stations in Tampa and St. Petersburg ran out of fuel on October 9. The storm damaged buildings and infrastructure and caused heavy rains, though the catastrophic storm surge that had been feared never materialized.