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Tallahassee avoided a major hit – but flood and storm-surge losses remain unknown. -
The NFIP has a higher take-up rate in Tampa Bay, which experienced record coastal storm surge.
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Additional strengthening is expected before Helene makes landfall in Florida tonight.
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An unexpected shift east towards Tampa could push losses beyond $10bn.
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TSR predicts Atlanta, Georgia, could face Cat 1 windspeeds as the storm moves further inland.
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Helene is currently a Category 1, but rapid strengthening is anticipated over the next day.
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In the best-case scenario, a Big Bend-landing storm could cost $3bn-$5bn, Howden Re said.
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The system is forming in the same area as 2022’s Hurricane Ian.
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Fifteen events caused estimated losses of $306mn.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
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A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
