1131 GMT - Hurricane Milton's shift in direction means insured losses now stand at the better-than-feared $50 billion mark, Citi says in a research note as the storm moves south, avoiding Florida's Tampa Bay. "As it stands, we expect losses to absorb Q4 loss budgets for the European reinsurers, but no more," analyst James Shuck writes. Citi does see Milton affecting pricing, with natural catastrophe rates rising 5% when renewals are due on Jan. 1. The storm is spreading across multiple states and potentially requires a federal solution, the analyst notes. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
October 10, 2024 07:31 ET (11:31 GMT)
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