Auto insurance premiums likely to increase in affected markets.
According to GlobalData, the data and analytics company, recent hurricanes Helene and Milton that have struck the U.S. resulted in widespread devastation, claiming hundreds of lives and causing huge property damages that will impact profitability at property casualty insurers.
Hurricane Helene, which struck Florida’s Big Bend region as a Category 4 storm on September 26, resulted in catastrophic flooding throughout Florida, North Carolina, South Carolina, Georgia, and Ohio. Parts of the US were battered again by Hurricane Milton on October 9. As a result, US insurers are expected to witness higher
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