Idalia Could Become Another Multibillion-Dollar Superstorm

A Category 3 hurricane threatens to cause significant losses for insurers and their customers in Florida, Georgia, and the Carolinas.

On Wednesday morning, Hurricane Idalia intensified into a Category 3 storm, bringing with it torrential rains and destructive winds reaching up to 125 miles per hour, as it steadily approaches the Florida coastline. Emergency warnings have been issued by officials in Florida's Gulf Coast, Georgia, and the Carolinas, as the region prepares for another "multibillion-dollar insurance industry event."

In the previous September, Florida was hit by Hurricane Ian, a Category 4 storm, which caused nearly $100 billion in damages. These types of disasters are becoming increasingly frequent and expensive each year, leading to a significant increase in insurance costs for homeowners and businesses.

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