2024 Hurricanes Helene and Milten caused $1.7bn in Q3 insurance losses, prompting Citizens to transfer 648k policies to private firms, potentially affecting premiums and coverage.
In 2024, Hurricane Helene and Hurricane Milton led to significant insurance losses, with Allstate reporting $630 million from Helene, contributing to a total of $1.7 billion in third-quarter losses. Other insurers, like Progressive and Travelers, also faced substantial losses. Moody's estimates total insured losses could reach $55 billion. Florida’s insurer Citizens is shifting over 648,000 policies to private companies, raising concerns about higher premiums and coverage availability.
October 17, 2024
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