Hurricanes Helene and Milton struck in 2024, causing tens of billions in insured losses but leaving the reinsurance market stable. Anna Pergerson, Managing Director and Head of Catastrophe R&D at Howden Re, commented on the situation: "These storms validated the structural improvements in the market we have seen in recent years. In a different environment, the outcome could have been far more severe."
In an article for The Insurer titled “Where the Wind Blows,” Pergerson and David Unsworth, Managing Director and Southeast Segment Lead, North American Reinsurance, discussed how Hurricane Helene led to $10.5–17.5 billion in flood and surge losses. Hurricane Milton resulted mainly from wind damage and caused $20–50 billion in insured losses.
The two storms occurred during a period marked by stronger retentions, disciplined underwriting practices, and improving fundamentals within the industry. These factors contributed to preventing systemic stress on the reinsurance market.
Howden Re concluded that even when hurricane seasons are less active overall, volatility persists. The company emphasized that preparedness and creative approaches will be important for building resilience in markets exposed to catastrophic events.
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