Hurricane Helene Losses Projected in Billions, But US P&C Insurers Expected to Withstand Impact

Early insured loss estimates from Hurricane Helene range from $5 billion to $9 billion, with some analysts suggesting that final totals may reach the low-double-digit billions. However, despite the severe damage caused by the storm, S&P Global predicts that the impact on US property and casualty insurers will be limited to earnings losses rather than capital depletion.

The hurricane, which made landfall in Northern Florida on September 26, 2024, as a Category 4 storm, caused widespread destruction across the Southeast, including significant storm surges and damaging winds extending to the Carolinas. With 215 fatalities, Hurricane Helene is the deadliest U.S. hurricane in recent years, and the deadliest natural disaster since the 2023 Hawaii wildfires.

While economic losses could be significantly higher, experts like Karen Clark & Company estimate privately insured losses at around $6.4 billion, excluding National Flood Insurance Program (NFIP) claims. Aon has projected that total insurance industry losses will at least reach the higher single-digit billions.