Hurricane Milton could cause billions of dollars in losses, Wells Fargo estimates

A man inspects the damage done to his home by Hurricane Helene in Florida. (Credit: Chandan Khanna—AFP/Getty Images)

Hurricane Milton is barreling toward Florida, and the category 4 storm could be catastrophic for millions of people and insurers who are still recovering from Hurricane Helene. 

“Milton should be a double-digit billion insured loss,” Wells Fargo said in a research note, estimating those losses could be anywhere between $10 billion and $100 billion. Its base case, however, is $20 billion worth of losses. Either way, the market seems to be pricing in more than $50 billion in losses, the bank said.