Piper Sandler said Hurricane Milton could change the insurance market. Although Milton weakened slightly on Tuesday to a Category 4 storm from the maximum Category 5, Florida officials continued to warn of the serious threat the storm poses to communities. The hurricane is forecasted to reach the western part of Florida Wednesday afternoon or early Thursday, but weather conditions will likely worsen starting early Wednesday, according to officials.
We would expect companies with market share in cat prone lines like home insurance and commercial multiple peril in Florida to fall the most," said Newsome. Below is a table of estimated insured losses from insurance companies from Hurricane Ian. Allstate , American International Group , Chubb , Heritage Insurance , Progressive and Universal Insurance Holdings all hold large exposure to weather-related disasters, per Newsome.