hurricane Helene 2024

The U.S. Federal Emergency Management Agency (FEMA) has provided a preliminary estimate of National Flood Insurance Program (NFIP) losses from hurricane Helene, putting the initial figure in a range from $3.5 billion to as much as $7 billion.

The latest data reported by the U.S. Federal Emergency Management Agency (FEMA) states that across hurricanes Debby, Helene and the most recent Milton, more than 72,000 National Flood Insurance Program (NFIP) claims have been filed so far.

Speaking this morning, Hannover Re CFO Clemens Jungsthöfel explained that the reinsurance company expects to make recoveries from its retrocession program for recent larger catastrophe events, hurricane Helene and the severe flooding in Europe from September.

The insurance and reinsurance businesses of Warren Buffett’s Berkshire Hathaway suffered from hurricane losses in the third-quarter with Helene and are expecting up to $1.5 billion of additional losses from hurricane Milton in the fourth-quarter.

According to the administrators of the Florida Hurricane Catastrophe Fund (FHCF), losses to the fund that provides a reinsurance-like reimbursement for a portion of residential property insurers’ hurricane losses from recent hurricanes Helene and Milton are expected to fall between $1.6 billion and as much as $6.2 billion.

According to Aon’s Reinsurance Solutions division, combined industry losses from hurricanes Helene and Milton are expected to fall within a range of $34 billion to $50 billion, at which level insurance and reinsurance sector capital is well-positioned to absorb them and the events underscored the value of integrating innovative solutions such as parametrics.

We’ve learned from sources that insurer USAA has estimated its losses from hurricane Helene at $1.15 billion, while losses from hurricane Milton are estimated to be $218 million, for a combined impact from the two storms at this time estimated at just over $1.37 billion.

The U.S. Federal Emergency Management Agency (FEMA) has reported that policyholders of the National Flood Insurance Program (NFIP) have filed more than 54,000 claims so far after recent hurricane Helene.

Liberty Mutual, the insurance and reinsurance group, has pre-announced estimated losses of up to $900 million from hurricanes Helene and Milton, but still anticipates delivering an underwriting profit for the next reported period, with its combined ratio forecast to come in around 97% for the third-quarter and first nine months of 2024.

The CEO of Universal Insurance Holdings discussed the impacts of recent hurricanes Debbie, Helene and Milton to the insurer, saying they currently estimate the gross loss from the three storms at between $600 million and $900 million.