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Motley Fool Money
Are Insurers Ready for Hurricane Milton?
Oct 8, 2024
Matt Frankel, an investment analyst specializing in insurance and financial markets, dives into how insurers are bracing for Hurricane Milton, potentially causing billions in damages. He discusses the rising homeowners insurance costs, particularly in Florida, and the implications for various sectors. Joining him are Robert Brokamp, a personal finance expert, and Alison Southwick, who tackle listener questions on saving for college, finding financial advisors, and navigating estate planning complexities. The conversation is packed with vital insights for homeowners and investors alike.
30:39
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Quick takeaways
- Hurricane Milton's estimated damage of up to $175 billion raises significant concerns about insurers' capacity to handle catastrophic claims efficiently.
- Recent changes at PayPal under CEO Alex Chriss indicate a focus on streamlining operations and enhancing profitability, reshaping the company's strategic direction.
Deep dives
Insurance Challenges Amid Hurricanes
The potential impact of Hurricanes Helene and Milton raises concerns about the insurance industry, particularly for companies operating in Florida. Initial damage estimates could reach approximately $175 billion, which makes it comparable to Hurricane Katrina's total damages. Despite large insurers being well-capitalized and using reinsurance to mitigate losses, the upcoming storm has brought attention to their capacity to handle claims efficiently, especially given that payout rates from previous events were notably low. The discussion highlights a critical aspect of homeowner's insurance policies, as many standard policies do not cover flood damage, requiring separate flood insurance that many homeowners may overlook.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode