Hurricanes Helene, Milton Insurance Losses Spike To $55B: Moody's
Portfolio Pulse from Anthony Noto
Moody's Risk Management Solutions has significantly increased its estimated insured losses from Hurricanes Milton and Helene to between $35 billion and $55 billion, nearly quadruple the initial estimate. This has major implications for insurance companies operating in Florida, including Allstate, Travelers, and Progressive, as well as Florida-only carriers. ETFs tracking insurance companies, such as SPDR S&P Insurance ETF, iShares U.S. Insurance ETF, and Invesco KBW Property & Casualty Insurance ETF, showed positive performance.
October 14, 2024 | 10:24 pm
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NEUTRAL IMPACT
iShares U.S. Insurance ETF, tracking insurance companies, was up 0.37% amid the increased loss estimates from the hurricanes.
IAK's positive movement indicates resilience in the insurance sector, despite the challenges posed by the hurricanes.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Invesco KBW Property & Casualty Insurance ETF rose 0.58%, reflecting investor sentiment in the insurance sector despite increased loss estimates.
KBWP's rise suggests that investors remain optimistic about the insurance sector's ability to manage the increased losses.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
SPDR S&P Insurance ETF, which tracks insurance companies, showed a positive performance despite the increased loss estimates from the hurricanes.
KIE's positive performance suggests investor confidence in the broader insurance sector, despite the specific challenges in Florida.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Allstate Corp is one of the major insurance companies still operating in Florida, which faces increased risks and potential losses due to the recent hurricanes.
Allstate is one of the few major insurers still operating in Florida, a state heavily impacted by the hurricanes. The increased loss estimates suggest potential financial strain.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Progressive Corp is one of the major insurers in Florida, potentially affected by the increased loss estimates from Hurricanes Milton and Helene.
Progressive, as a major insurer in Florida, is likely to be impacted by the increased loss estimates, indicating potential financial challenges.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Travelers Companies Inc is among the major insurers in Florida, facing potential financial impact from the increased loss estimates due to Hurricanes Milton and Helene.
Travelers is exposed to the increased risks and potential losses in Florida, as highlighted by Moody's revised estimates.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80