Claims delays may create liquidity challenges
Re/insurers are bracing for significant losses in the wake of Hurricane Milton, which made landfall in Florida’s Sarasota County on Oct. 9 as a Category 3 storm.
The hurricane caused extensive property damage, power outages, and loss of life, as well as prompting mandatory evacuations. The storm’s large footprint, combined with its path through central Florida, suggests it will lead to substantial claims for property and casualty insurers.