1140 GMT - Hurricane Milton is likely to result in a more than $50 billion insured loss for the industry based on its current trajectory and losses from Hurricane Ian in 2022, JP Morgan says in a research note as the storm approaches Florida. This would more than use up fourth-quarter loss budgets and potentially lead to earnings downgrades for most European and Lloyd's of London reinsurers, analysts say. They estimate the potential share-price impact to amount to a 3% to 7% drop for a $50 billion event, 4% to 11% falls for an $80 billion event and between 5% and 14% for a $100 billion one. Industry loss estimates are typically calculated between four and 10 days after landfall, with companies usually sharing the size of their exposures three to four weeks after the event. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
October 10, 2024 07:40 ET (11:40 GMT)
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