Hurricane Milton is expected to cause up to $121 billion in damages, according to Weather Trends International Founder and CEO Bill Kirk, as the storm inches closer to Florida's Gulf Coast.

Kirk sits down with Seana Smith and Madison Mills on Catalysts to talk about trends in the retail space as consumers flock towards specific seasonal items as weather patterns shifts.

"You got to be careful because everyone will react, right? They'll react to the floods this year. Insurance companies... convective storms are killing insurance companies this year, next year will be droughts," Kirk says on how Fortune 500 companies are reacting to extreme weather events. "So all the things they may re-insure, let's re-insure against tornadoes and... hail events for next year, [then] ext year we get droughts and fires. They're always guessing or planning off of last year."

To watch more expert insights and analysis on the latest market action, check out more Catalysts here.

This post was written by Luke Carberry Mogan.