Hurricane Milton Could Be ‘Devastating’ for Florida Insurers, Warns Credit Rating Agency

Larger insurers stand to better absorb losses while Florida-focused businesses may suffer, the agency said.

This drone picture shows people lining up in their cars for fuel at a gas station ahead of Hurricane Milton's landfall in Bradenton, Fla., on Oct. 9, 2024. Miguel J. Rodriguez Carrillo/AFP via Getty Images

Damages from Hurricane Milton may put Florida property insurers and reinsurers under significant financial pressure after Hurricane Helene, according to global credit rating agency AM Best.

Milton made landfall near Siesta Key in Florida on Wednesday, classified as a Category 3 storm. It came days after Helene hit the region.