California introduces its first community-based flood program in Isleton, offering payouts to residents in flood zones when water levels hit specific thresholds, enhancing climate resilience.

The latest LexisNexis U.S. Home Trends Report shows increasing home insurance loss costs, driven by hail and catastrophic claims, while some weather-related perils saw declining severity in 2023.

Florida’s Emergency Rule 69BER24-4 introduces stricter ethical guidelines and transparency requirements for all insurance adjusters, particularly impacting public adjusters, with the aim of reducing unethical practices in the claims process.

Insured losses from global natural catastrophes exceeded the 10-year average, driven by frequent storms and floods, while total economic losses for 2024 remained slightly below average.

While Hurricane Milton’s landfall was far from southeastern Florida, dozens of tornadoes struck the region, causing significant damage to homes and killing several people across the state.

Hurricane Milton triggered a deadly tornado outbreak in Florida, raising concerns over the increasing frequency of strong tornadoes linked to hurricanes. Early studies suggest a warmer world could amplify this trend.

Despite concerns from rating agencies, industry experts assure that Florida’s home insurance market has enough reinsurance and financial resilience to withstand additional hurricanes this season.

Property insurance claims from Hurricane Milton have reached 123,000, triggering concerns over reinsurance price hikes and higher property insurance rates in Florida, where losses are estimated at $1.5 billion so far.

ICEYE’s initial data suggests that Hurricane Milton has caused damage to as many as, or more than, 150,000 buildings in Florida, a count that rivals Hurricane Helene’s impact. Early loss estimates range from $15 billion to $40 billion.

Hurricane Milton’s devastation in Florida is forecasted to trigger up to $60 billion in insured losses, with reinsurance rates expected to rise as the global insurance industry absorbs the impact.

A powerful tornado, part of Hurricane Milton’s aftermath, caused significant damage in Palm Beach Gardens, Florida, including launching an industrial dumpster onto a home’s roof.

After Hurricane Milton weakened before landfall, investors in catastrophe bonds are facing losses well below earlier estimates, with single-digit hits predicted instead of the feared 15%.

Hurricane Milton brought intense winds, widespread destruction, and left millions without power in Florida. While storm surge impacts were less severe than anticipated, damage to homes, power lines, and infrastructure is widespread.

Moody’s reports that Hurricane Milton, which struck Florida as a Category 3 storm, will likely impact both primary insurers and reinsurers, with ceded losses increasing as total damages rise.

Despite recent hurricane challenges, Florida’s property insurance market is showing resilience, with reforms leading to rate reductions, new insurer entries, and declining reinsurance costs in 2024.