Hurricane Milton insured damage projections start at $30B to $50B

With Hurricane Milton — finally — here and gone, the question for many in the business community across the region is simple, with a sort of complicated answer: outside the human toll, what will Milton cost? 

One report, from Fitch Ratings, estimates Milton losses will range from $30 to $50 billion, which puts it around the total cost of Hurricane Ian in 2022, which made U.S. landfall in Lee County and caused $54 billion in losses. That would make it a top three hurricane in the U.S. in total losses, trailing Hurricane Katrina in 2005, which caused $65 million in damage, or $101.86 million in 2023 dollars, according to the Insurance Information Institute.

While $50 billion is obviously a big number, analysts at Morningstar DBRS say if Milton made landfall in more densely populated Tampa, rather than where it did, on Siesta Key, the total costs would have ranged from more like $60 billion to $100 billion.