Record-Breaking 2024 Hurricane Season Ends with $50 Billion in Insured Losses

The 2024 Atlantic hurricane season, ending November 30, recorded 18 named storms, surpassing the historical average of 14. Among them were 11 hurricanes, five of which were major hurricanes (Category 3 or higher). This record-breaking season included Hurricane Milton, which caused insured losses as high as $50 billion, marking it as one of the costliest storms in U.S. history. Milton’s rapid intensification to a Category 5 before landfall in Florida set new meteorological benchmarks and spun off destructive tornadoes, compounding wind damage.

Other notable storms included Hurricane Helene, which struck Florida’s Big Bend area as a Category 4 storm in late September, and Hurricane Beryl, the earliest Category 5 storm on record, which weakened before landfall in Texas. While Helene caused devastating flooding, much of its damage fell outside standard insurance coverage, resulting in lower insured-loss estimates compared to Milton.

Insurers face significant impacts from these storms, with companies like Allstate, Liberty Mutual, and Berkshire Hathaway reporting substantial losses. As reinsurers raised attachment points earlier in the year, primary insurers are bearing a larger share of these costs. This trend is expected to persist into 2025, reshaping the insurance landscape.