Hurricane Helene, a powerful Category 4 storm, has left a trail of destruction across the southeastern United States, claiming at least 28 lives in three states. The storm made landfall in Florida on Thursday night, bringing with it heavy rain and winds exceeding 100 miles per hour. By Friday, Helene had been downgraded to a tropical storm but continued its northward path through Georgia and South Carolina.
The Big Bend region of Florida, hit particularly hard by Helene, is experiencing its third major hurricane in just over a year. Florida Governor Ron DeSantis described the devastation as “a sense of trauma for the community,” with the damage from Helene surpassing the combined impact of Hurricanes Idalia (August 2023) and Debby (August 2024).
Recovery efforts are underway across the affected states. Airports previously closed in preparation for the storm are reopening, and crews are working to clear blocked roads and bridges. However, the storm’s impact continues to be felt, with over four million homes across Florida, Georgia, and South Carolina remaining without power as of Friday.
The financial ramifications of the hurricane are also being closely monitored. Investors are focusing on companies such as Duke Energy, one of the largest power providers in Florida, to assess the extent of storm damage and resulting financial losses. Generac Holdings, a manufacturer of generators, is another company investors are watching closely, as demand for their products is likely to surge following the widespread power outages.
While the Miami Herald reported that the storm’s impact on Florida’s insurance market could be more modest than Hurricane Ian (2022) and Hurricane Michael (2018), reinsurance company Gallagher Re estimates private insurers could face losses ranging from $3 billion to $6 billion across the affected states. Publicly traded companies like Berkshire Hathaway, Allstate, and Travelers are among those expected to be impacted by the insurance claims resulting from Hurricane Helene.
The aftermath of the storm will continue to be felt for months and years to come. Businesses and residents in the affected areas face a long and difficult recovery process. Home improvement retailers such as Home Depot and Lowe’s are also expected to see increased demand as residents begin the task of rebuilding and repairing their homes.
With hurricane season still ongoing until late November, the communities affected by Hurricane Helene are hoping that more significant storms will not make landfall in the coming months.
