Helen's death toll rises as U.S. braces for multibillion-dollar insurance costs

Unlock Editors Digest for free

Roula Khalaf, editor-in-chief of the FT, selects her favorite stories in this weekly newsletter.

Hurricane Helene killed more than 50 people and left millions of homes and businesses without power as it swept across the southeastern United States, leaving analysts expecting it to could result in insurance losses of tens of billions of dollars.

Helene was downgraded from a category four hurricane, the second most powerful measure, to a post-tropical cyclone after hitting Florida's Gulf Coast Thursday evening with winds of up to 140 mph.

As of midday Saturday, at least 52 people had died in five states, according to the Associated Press. Deadly storm surges, high winds and torrential rain left more than 3 million homes and businesses without power, AP reported.

Moodys Analytics said it expects $15 billion to $26 billion in property damage and a $5 billion to $8 billion reduction in production, resulting in a total cost of $20 billion to $34 billion.

A third straight year in which a severe hurricane hit Florida's Gulf Coast reinforces growing concerns about long-term impacts, said Adam Kamins, senior director of economic research at Moodys Analytics.

Even if weather hazards alone don't force residents to leave an area, further increases in insurance premiums could. Significant changes over the next two years are unlikely, but the corrosive impact on housing affordability in the Sunshine State appears to be an ever-increasing risk, he said.

REUTERS

The storm made landfall in the Big Bend region of northwest Florida shortly after 11 p.m. Thursday, before moving through the Panhandle region and into Georgia around 1 a.m. Friday, according to the United States' National Hurricane Center. -United. From there it weakened, but torrential rains caused disastrous flooding in the Carolinas and Tennessee.

Videos posted on social media showed extensive damage in Florida, with strong waves hitting the coast and homes and streets flooded.

The hurricane center said Helene was weakening as it moved rapidly north-northeast across Georgia, while warning of the threat of storm surge, high winds and heavy rain remained critical. It is expected to sweep across the Tennessee Valley Saturday and Sunday, the center said.

Earlier, it raised the alarm about a deadly storm surge along the Florida coast, with destructive waves reaching 20 feet above ground level.

AFP via Getty Images

The U.S. National Weather Service warned residents to expect catastrophic and life-threatening urban and flash flooding, including numerous large landslides in parts of the southern Appalachian Mountains on Friday.

Getty Images

US President Joe Biden said he was deeply saddened by the loss of life and devastation caused by the storm, and that his administration was in contact with state and local authorities.

As we turn our attention to recovery efforts, we will ensure that no resource is spared to ensure that families, businesses, schools, hospitals and entire communities can quickly begin their path to rebuilding, a he declared on Saturday.

Additional reporting by Ian Smith

Sources 1/ https://Google.com/ 2/ https://www.ft.com/content/b95c9721-4a84-4782-b086-20ec49cfecb6 The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos