Analysts in the United States expect insurance companies' losses resulting from Hurricane Milton, which reached the coast of Florida, to reach $100 billion.
Morningstar DBRS reported that losses of $100 billion for insurance companies mean higher reinsurance prices, which may lead to higher stock prices for some insurance companies.
It is worth noting that Hurricane Katrina, which hit the coast of the United States in 2005, caused US insurance companies losses of $100 billion, the highest recorded losses for a hurricane in US history.
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The "extremely dangerous" Hurricane Milton began to sweep the coast of Florida in the southern United States on Wednesday night, accompanied by strong winds, heavy rains and flash floods, thus starting a long and extremely cruel night for the residents of an area that was hit just two weeks ago by another devastating hurricane.
ย The National Hurricane Center said in a bulletin issued at 20:30 (00:30 GMT Thursday) that Milton made landfall as an "extremely dangerous" Category 3 hurricane on a five-level scale.ย
"Data indicates that the eye of Hurricane Milton made landfall near Siesta Key in Sarasota County," a densely populated area on Florida's west coast, it added.ย
"Well, the storm has arrived. It's time for everyone to hunker down," Governor Ron DeSantis said at a news conference shortly before the eye of the hurricane reached Florida's coast.ย
According to the National Hurricane Center, the "extremely dangerous" hurricane has brought life-threatening tornadoes, high winds and flash flooding to the rest of the central Florida peninsula.ย
The center warned of tidal waves expected to inundate the densely populated Gulf Coast in western Florida amid fears of widespread destruction and possible deaths.ย
ย Milton is expected to move inland later into the Atlantic Ocean.
The storm's path will cross the tourist city of Orlando, home to Walt Disney World.
The National Hurricane Center said Milton made landfall with winds of up to 125 miles per hour (205 kilometers per hour), warning of possible storm surges of up to four meters (13 feet).
In cities along Florida's west coast, strong winds and heavy rains lashed towns as frightened residents hunkered down in whatever shelter they could find.
In Sarasota, near Siesta Key, tornadoes blew glass off waterfront buildings and streets were deserted.
The winds were so strong that trees were almost completely bent over, barely able to withstand the force of the storm.
Shops were closed and sandbags were used to hold their doors.
Someone wrote on a wooden board taped to the window of an old red brick building: "Take it easy, Milton."
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