Hurricane Idalia in Florida: estimated insured losses

Category 3 Hurricane Idalia struck near Keaton Beach, Florida, on Wednesday 30 August 2023, accompanied by 205 km/h winds. The disaster resulted in extensive damage, including flooding. Thousands of people were left without power.

UBS Bank's initial estimates suggest that Idalia could cost insurers as much as 9.36 billion USD.

Keefe, Bruyette & Woods (KBW) is expecting insured losses of 10 billion USD.

For broker BMS, insured losses would cost between 3 and 6 billion USD.

It is worth recalling that insurers are facing a difficult year, following the increase in reinsurance rates since 1 July 2023, due to the losses associated with the Russian-Ukrainian conflict, as well as forest fires and hurricanes, notably in California and Florida.