Hurricane Milton could cost insurers $60 billion, raise reinsurance rates, RBC says [Yahoo! Finance]
SWISS RE LTD S/ADR (SSREY)
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Source: Yahoo! Finance
More than one million people in coastal areas are under evacuation orders. A $60 billion loss would be similar to losses from Hurricane Ian, which hit Florida in 2022, the RBC analysts said on Wednesday, adding that this estimate for Milton should be "very manageable" for the insurance sector. "Market seems to be pricing in a similar impact from Hurricane Ian of a $60bn industry loss in 2022," RBC analysts said. Ian was the second largest insured loss from a hurricane, following Hurricane Katrina in 2005, according to the Swiss Re Institute, which provides research on insurance. Insurers and reinsurers - who insure the insurers - have responded to rising losses from natural catastrophes in the past few years by raising rates and excluding higher-risk business. "Better reinsurance contract terms, broader earnings diversification and bigger reserve buffers should put the sector in better stead than before," the RBC analysts said in a note. Barclays analysts this week estima
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