The retired FDNY firefighter Patrick Kilgallen remembers the night well. In late October 2012, the approach of Hurricane Sandy up the US Eastern Seaboard coincided with a spring tide, propelling a surge of storm water that crashed into New York City and its surrounds, causing more than $70bn in damages, mostly from flooding.

The United States is confronting an unprecedented wave of billion-dollar weather and climate disasters in 2023, setting a new record, according to data from the National Oceanic and Atmospheric Administration (NOAA).

Another estimate for the eventual insurance and perhaps reinsurance market loss from hurricane Idalia has been released, with Moody’s RMS opting for a $3 billion to $5 billion range.

Insurers were expected to face claims for billions of dollars from Hurricane Idalia which made landfall in Florida on Wednesday, adding to a challenging year for the industry that could result in higher premiums for customers.

Hurricane Idalia struck the United States’ southeastern coast this morning, making landfall as a Category 3 hurricane with sustained winds of 125 mph.

Karen Clark & Co. on Monday said privately insured losses from Hurricane Hilary will be close to $600 million in the U.S.

As tropical storm Idalia continues to develop, the latest from the NHC forecasts a Category 3 major hurricane Idalia will approach the Florida coastline, leading BMS Senior Meteorologist Andrew Siffert to highlight the potential for any storm of this kind to be a multi-billion dollar insurance and reinsurance market loss event.

Two storms were intensifying Monday as the Atlantic hurricane season was getting into full swing. Tropical Storm Idalia was off the coast of Cuba on a potential track to come ashore as a major hurricane in the southern U.S., the National Hurricane Center said.

Citizens Property Insurance Company CEO Tim Cerio indicated on Tuesday night during a property insurance online forum with Senate Democrats that the company may be unable to pay out claims following another catastrophic hurricane without the use of surcharges for policy holders and assessments on Floridian taxpayers.

Moody’s RMS on Tuesday said insured losses from the wildfires Aug. 8-10 in Hawaii could exceed $4.5 billion.