Neptune Flood Highlights Severe Impact of Hurricanes Helene, Milton

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Neptune Flood, St. Petersburg, Fla., recently released an analysis of the aftermath of hurricanes Helene and Milton, specifically regarding the U.S. flood insurance market.

More than 55,000 National Flood Insurance Program claims have been filed as of Nov. 4, Neptune Flood reported.

With that number, Hurricane Helene has surpassed total claims from 2022’s Hurricane Ian, which was the fourth-largest storm in NFIP history. Neptune Flood noted that claims from Hurricane Helene are likely to pass 60,000.

Given historical NFIP payouts from hurricanes such as Ian and 2017’s Harvey, total losses from Hurricane Helene could range between $6 billion to $7 billion before accounting for loss adjustment expenses.

And, the NFIP has received more than 18,000 claims so far related to Hurricane Milton; the final number is likely to end up at around 30-50% of the losses accrued with Hurricane Helene. It’s still likely to end up in the NFIP’s top 10 loss events.

The NFIP has also received more than 20,000 claims for events other than Helene and Milton in 2024.

Private flood insurance in Florida has also been severely affected by the hurricanes. As of Nov. 8, the Florida Office of Insurance Regulation reported 6,183 private flood claims from hurricanes Helene and Milton, with 1,976 claims paid totaling $197 million.

A total private flood insurance market loss of more than $500 million is expected before loss adjustment expenses, with $300 million attributable to Hurricane Helene and $200 million associated with Hurricane Milton.

The analysis was the first publication put out by the Neptune Flood Research Group, a newly formed team of analysts that will provide commentary and insights on the flood insurance market.