Hurricanes Helene, Milton likely to join most costly list: report
5 months, 2 weeks ago

Hurricanes Helene, Milton likely to join most costly list: report

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Katrina, Sandy and Harvey are making room for Helene and Milton as some of the most costly hurricanes on record. Related Climate change is jacking up insurance costs Hurricane Andrew in 1992 ranked as the first $50 billion storm. Adam Smith, an economist and meteorologist at NOAA’s National Center for Environmental Information, told the AP he believes Helene and Milton have "a very good shot" of joining the $50 billion list. Disaster losses along the coast are likely to escalate in the coming years, partly because of huge increases in development, said Loretta Worters, a spokesperson for the Insurance Information Institute. The Institute's three-year economic analysis of the pandemic shows inflation related to homeowners' replacement costs rose 55% and continues rising, she said, adding to the price of insurance coverage.

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