Despite being a less powerful storm than Hurricane Helene, Hurricane Milton caused the most significant insured losses of any natural disaster in 2024, according to an analysis by Munich RE, a leading international insurance and reinsurance company.
Milton, which struck Florida in October, resulted in approximately $25 billion in insured losses, out of a total of $38 billion in overall losses. This surpasses the insured losses from Hurricane Helene, which totaled $16 billion, despite Helene causing a higher overall loss of $56 billion.
READ: Hillsborough County Extends State Of Local Emergency Following Hurricane Milton
Milton made landfall in Sarasota County and carved a path of destruction across Florida, generating a powerful storm surge and inflicting widespread wind damage. Although it narrowly missed the densely populated Tampa Bay area, its impact on insured properties was significant.
Helene, which struck North Florida’s Taylor County in late September, caused widespread damage across multiple states, including Georgia and North Carolina. The storm’s main impact stemmed from severe flooding caused by torrential rainfall, which extended northward into the Appalachian regions. Tragically, over 200 lives were lost due to Helene.
READ: Florida Man Gets 45 Years For More Than 100 ‘Appalling’ Crimes Against Children
The disparity between insured and overall losses highlights the limitations of typical property insurance policies, which often exclude flood damage. Many homeowners opt out of purchasing separate flood insurance, leaving them vulnerable to significant financial losses in the event of flooding.
“Milton produced the highest insured losses of the year, totaling $25 billion,” Munich RE stated in its analysis. “It drove a storm surge into Southwest Florida and cut a swathe of wind damage right across the state.”
According to the analysis, the third costliest natural disaster of the year in terms of overall losses was an earthquake in Japan on New Year’s Day, which shook the country’s west coast near the sparsely populated Noto Peninsula with a magnitude of 7.5. More than 200 people lost their lives. Overall losses were estimated at US$ 15bn, with insured losses totaling around US$ 2.5bn.
Please make a small donation to the Tampa Free Press to help sustain independent journalism. Your contribution enables us to continue delivering high-quality, local, and national news coverage.
Connect with us: Follow the Tampa Free Press on Facebook and Twitter for breaking news and updates.
Sign up: Subscribe to our free newsletter for a curated selection of top stories delivered straight to your inbox.