Moody’s RMS estimates the combined insurance cost of hurricanes Helene and Milton will range between $US35 billion ($52.13 billion) and $US55 billion ($81.92 billion).

The global risk assessor estimates Helene-related losses to be between $US8 billion ($11.92 billion) and $US14 billion ($20.85 billion), with a final total for Milton expected later this week.

Category 3 storm Milton hit Florida’s west coast on October 9, only a few weeks after Helene crossed the state, bringing maximum speed winds of 205km/h, tornadoes and heavy flooding.

Moody’s describes a “challenging” process determining costs, as it considers “all associated complexities and uncertainties, especially in the overlapping regions affected by both hurricanes”.

Complications include complex hazard patterns, combined damage between storms, exhaustion of annual hurricane deductibles and exposure to already damaged properties.

Fitch Ratings estimates losses from Milton could reach $US30-$US50 billion ($44-$74 billion), the highest loss since Hurricane Ian, which hit Florida’s Tampa Bay area in 2022.