Hurricane Milton could cause up to $50 billion in insured losses for Florida property owners, pushing insurers' estimated losses in the state over $100 billion in 2024 alone, Fitch Ratings said in a report published on Thursday, Paralel.Az reports citing Reuters.

On Thursday morning, the Category 3 storm cut a destructive path across the Sunshine State, killing at least 10 people and leaving millions without power.

But the state appears to have avoided the "worst-case scenario" outlined by analysts, which on Wednesday forecast as much as $100 billion in insured losses from Milton alone.

Now Fitch analysts are estimating Milton will lead to between $30 billion and $50 billion in insured losses, according to their report published Thursday, which noted it would be the largest insured loss since Hurricane Ian in 2022.

Coming on the heels of Hurricane Helene two weeks prior, Milton would further push total insured losses for insurers in the state over $100 billion for the fifth straight year, the Fitch analysts wrote.