High winds, flooding from Hurricane Milton cause massive damage in Florida

Published On Oct 10, 2024, 2:21 PM

Hurricane Milton has caused significant damage across central Florida, particularly after making landfall as a Category 3 storm. Damage assessments are ongoing, but estimates suggest insured losses could exceed $10 billion, possibly reaching $20 billion. Key damages include severe roof damage at Tropicana Field in St. Petersburg and substantial flooding and tornado damage across other areas. The hurricane is forecasted to weaken as it moves away from Florida.

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Stock Forecasts

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Negative

Given the massive insured losses anticipated due to Hurricane Milton and the disrupted local economy, insurance companies operating in Florida may face increased claims. This could negatively impact their profitability in the short term. However, construction and repair companies may see a surge in business following the disaster, which could provide positive investment opportunities for these stocks.

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Positive

Construction and repair stocks are likely to benefit from the aftermath of Hurricane Milton, as the demand for rebuilding and repairs will increase significantly. Companies that provide building materials, insurance, and contract services are positioned for growth in the coming months as the state begins extensive recovery efforts.

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