Insurance losses that were a result of Hurricane Milton's landfall on Florida's Gulf Coast and across the state are projected to range as high as $60 billion, according to Morningstar DBRS. While the storm inched toward Florida last week, experts were previously expecting total damages to be as high $121 billion.

Heritage Property & Casualty Insurance (HRTG) CEO Ernie Garateix joins Josh Lipton to have a conversation about Florida's insurance market.

"If you look back at '22 and 2'3 with the insurance reform that happened in the state, it did stabilize the market and it did better capitalize a lot of reinsurers, insurers and reinsurers for this market. So we're committed to the market. I think the market will continue to be strong," Garateix says. "And I think this is a storm that's manageable for insurers in the market."

Garateix goes into detail about the reform Florida's insurance environment has undergone, including flood policies and Florida's period allotted for those to file general claims: "Florida was the only state that it would take give you three years to report a hurricane claim. That's down to one year."

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This post was written by Luke Carberry Mogan.