Milton Caused Largest Insured Losses in 2024
Hurricane Milton caused $25B in insured losses and $38B overall. Hurricane Helene caused $56B in losses, including $16B in insured losses.
TALLAHASSEE, Fla. — 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. Munich RE, which released the information 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 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, totaling ($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).”
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.”
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