The international credit rating agency Fitch Ratings has indicated that Hurricane Milton could result in insured losses of up to $50 billion. According to Fitch, given strong capital levels, it is unlikely that Hurricane Milton will impact the credit ratings of insurance and global reinsurance companies. The statement noted that Milton has caused significant economic and insured losses, estimating insured losses to be between $30 billion and $50 billion. This would mark the largest insured loss since Hurricane Ian in 2022, which caused $60 billion in losses. The statement also mentioned that insurance companies are expected to shift a significant amount of losses to the reinsurance market. It was highlighted that Hurricane Milton is projected to push global insured losses over $100 billion in 2024, making it the fifth consecutive year to surpass this threshold. The statement warned of potential rate hardening in premiums depending on Milton’s losses and additional catastrophe losses for the remainder of 2024 in the real estate market. However, substantial rate increases in real estate reinsurance, like those experienced in 2023, are unlikely.