Helene, Milton Seen Costing Insurers as Much as $55 Billion

Back-to-back hurricanes Helene and Milton are expected to cost insurers $35 billion to $55 billion, according to Moody’s RMS risk-modeling unit.

The estimates roughly line up with those of Arthur J Gallagher & Co. Chief Executive Officer J. Patrick Gallagher, who said in a Bloomberg Television interview Monday that he expected insured losses of $35 billion to $45 billion.

The two storms will likely affect insurer’s earnings without having a significant impact on the balance sheets of reinsurance firms, shielding consumers from further large rate increases, Gallagher said.

“We’re not seeing the need in all likelihood to ...