2024 U.S. property and casualty insurance sector faces challenges due to Hurricane Milton, a Category 4 storm causing billions in claims and rising reinsurance costs.

The U.S. property and casualty insurance sector is facing significant challenges in 2024, marked by a decline in stock values due to Hurricane Milton intensifying into a Category 4 storm. Insurers are expected to incur billions in claims, joining a series of major hurricanes this year. Rising reinsurance costs and a retreat from high-risk areas, particularly Florida, pose long-term revenue concerns. The hurricane season runs until November 30, with forecasts predicting above-normal activity.