1138 GMT - Reinsurers may be preparing for a meaningful loss from Hurricane Milton, UBS says as the storm threatens Florida's coast. The current trajectory and intensity forecasts--with landfall expected south of highly populated Tampa Bay--point to a risk of a major insured loss event, which could be materially higher than the recent Hurricane Helene and cost into the tens of billions of dollars, analysts write. "The Reinsurers/London Market stocks are likely currently running well below year-to-date catastrophe budgets, but this storm has the potential to make material inroads into these, in our view," they add. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
October 09, 2024 07:38 ET (11:38 GMT)
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