Published on October 9, 2024 at 1:11 p.m. / Modified on October 9, 2024 at 4:07 p.m.
It’s not just Florida residents watching the hurricane’s arrival with concern Milton. In the catastrophe bond market, or cat bondsthe weather event could cause considerable losses, reports Bloomberg. Especially since it comes just two weeks after the passage ofHelenewhich affected Florida, but especially North Carolina, causing more than 200 deaths and several hundred missing. First classified at the highest level of intensity on the Saffir-Simpson scale, Milton had been downgraded to Category 4 before being re-evaluated as a Category 5 hurricane.
Besides its strength, the main concern is its trajectory. This new extreme weather event could impact the densely populated Tampa Bay region, which has about 4 million residents. In total, more than 5.5 million people have been evacuated.
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