Modeling firms vary on Hurricane Milton losses

Catastrophe modeling company CoreLogic Inc. said Thursday that insured losses from Hurricane Milton will likely be between $17 billion and $28 billion, while rival Moody’s RMS said the storm will likely cost insurers between $22 billion and $36 billion.

Irvine, California-based CoreLogic said that wind-related losses from the storm, which hit Florida’s Gulf Coast Oct. 9 as a Category 3 hurricane, will be between $13 billion and $22 billion and flood losses, including losses to the National Flood Insurance Program, will be between $4 billion and $6 billion. The estimate does not include losses from the associated tornado outbreak.

Uninsured flood losses will be between $4 billion and $6 billion, CoreLogic said.

Moody’s RMS said wind and storm surge damage from Milton, including tornado damage, will be between $21 billion and $34 billion, and inland flood will be $1 billion to $2 billion, with a “best estimate” for total insured losses of $26 billion. The estimate does not include NFIP losses.

Earlier this week, Karen Clark & Co. estimated that insured losses from Milton will be close to $36 billion.