Hurricane Milton-related fears spark further declines
U.S. property and casualty insurance stocks tanked on Monday after Hurricane Milton intensified into a category 4 storm on its path towards Florida’s western coast, marking yet another costly disaster for the industry to cover this year.
The U.S. has grappled with multiple major hurricanes in 2024, including Hurricane Debby striking Florida in August, Hurricane Francine which made landfall in Louisiana in September, and more recently Hurricane Helene that hit Florida in the same month.Severe and frequent natural disasters have exacerbated the industry’s retreat from high-risk areas, particularly Florida. The costs of reinsurance have also risen sharply in the state, making it more expensive for insurers to operate.
On Monday, Florida was preparing for the largest evacuation since 2017 as Milton intensified in the Gulf of Mexico on its path toward its western coast, coming on the heels of the devastating Hurricane Helene. It had the potential to affect areas already wrecked by Helene.), which makes generators that power homes during an outage, surged more than 8% on Monday as investors bet on increased demand arising from the hurricane-related disruptions.
“The insurance industry must be prepared for the possibility of a challenging second half of the year,” broker Gallagher Re said in a July report.
Canada News Breaking News Video Canadian Breaking News Breaking News Globe And Mail Breaking News Globe And Mail Canada News Photos World News Local News National News Us News Foreign News Sports News Arts News Life News Lifestyle Canada Traffic Canada Weather Trudeau Government Federal Government Canada Sports Canada Sports News Politics Politics News Political News Political Opinion Environment Economy Technology Education Travel Canada Alberta Bc British Columbia Manitoba Ontario Quebec Nova Scotia Pei New Brunswick Newfoundland And Labrador Nunavut Northwest Territories Yukon Globe And Mail
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Milton hurdles toward already-battered Florida as a Category 5 HurricaneDane Grifford describes the damage and debris left by Hurricane Helene ahead of Hurricane Milton's expected landfall in the middle of this week in Treasure Island, Florida on October 7, 2024.
Read more »
Hurricane Milton strengthens into a Category 5 storm. Florida orders evacuationsHurricane Milton strengthens into a Category 5 storm off Mexico and threatens Florida, forecasters say.
Read more »
'This Would Be Disastrous': Hurricane Milton Becomes Category 5, Possibly 'Worse Than Helene'Milton is 'continuing to rapidly intensify' and is now a Category 5 hurricane, the National Hurricane Center said.
Read more »
Hurricane Milton is forecast to become a Category 5 and is taking aim for FloridaMilton rapidly strengthened in the Gulf of Mexico on Monday and was forecast to become a Category 5 storm on a path toward Florida, threatening a dangerous storm surge in Tampa Bay and setting the stage for potential mass evacuations less than two weeks after a catastrophic Hurricane Helene swamped the coastline.
Read more »
Hurricane Milton is forecast to become a Category 5 and is taking aim at FloridaMilton rapidly strengthened in the Gulf of Mexico on Monday and was forecast to become a Category 5 storm on a path toward Florida , threatening a dangerous storm surge in Tampa Bay and setting the stage for potential mass evacuations less than two w
Read more »
Hurricane Milton is forecast to become a Category 5 and is taking aim at FloridaMilton rapidly strengthened in the Gulf of Mexico on Monday and was forecast to become a Category 5 storm on a path toward Florida , threatening a dangerous storm surge in Tampa Bay and setting the stage for potential mass evacuations less than two w
Read more »