At least 28 people are reportedly dead in three states after Hurricane Helene made landfall.
What Happened: Hurricane Helene was classified as a Category 4 storm when it made landfall Thursday night in Florida. It brought heavy rain and winds of over 100 miles per hour.
By Friday, the storm was downgraded to a tropical storm. It continued to make its path north to Georgia and South Carolina, as reported by the Associated Press.
At last check, the casualties from Hurricane Helene, according to the Independent, total 28.
Among the hardest hit areas of Hurricane Helene was the Big Bend region of Florida. This is the third hurricane in more than a year to hit the area.
Hurricane Helene is also expected to cause more damage than the combined damage from Hurricane Idalia (August 2023) and Hurricane Debby (August 2024).
"To have something that was even bigger than those two storms causing a lot of damage, I think it's a sense of trauma for the community," Florida Governor Ron DeSantis said Friday.
Storm cleanup and recovery efforts Friday included trying to open airports in Florida that were previously closed to prepare for the storm and to get bridges and roads back open that had been shut down ahead of the storm.
Here's an update on the storm's impact on the power outages, the insurance market, and the stocks investors are likely watching.
Power Outages
Over four million homes remain without power as of Friday across the areas hit the hardest like Florida, Georgia and South Carolina.
Hundreds of thousands of people in Florida had lost power in the hours before the hurricane made landfall.
Investors will closely be monitoring Duke Energy (NYSE:DUK) — one of the largest power companies in Florida.
With the anticipated power outages and storm damages from the storm, investors will be closely watching generator company Generac Holdings (NYSE:GNRC) to see if the company gets a boost in its financials in the current quarter from the storm's impact.
Read Also: Tropical Storm Helene Set To Become Hurricane: Generac, Duke Energy Stocks React As Florida Braces
Storm Damage, Insurance Impact
A report from the Miami Herald said the losses from the storm could be modest for Florida's insurance market and smaller than Hurricane Ian (2022) and Hurricane Michael (2018).
"This looks like it will not be a large loss event for Florida insurers," Insurance Information Institute spokesperson Mark Friedlander said.
Friedlander said it could be "a manageable event," which could be due to the hurricane hitting an area of Florida that is not as populated as other parts of the state.
A report from reinsurance company Gallagher Re, which is a unit of Arthur J. Gallagher & Co (NYSE:AJG), said Wednesday that private insurers' losses could come in a range of $3 billion to $6 billion across the multiple states impacted.
For comparison, Hurricane Michael, which was a Category 5 storm that hit Florida, caused $9 billion in losses. Hurricane Irma represented around one million claims and $20 billion in losses.
The Aftermath: The death toll from Hurricane Helene is likely to rise as search and rescue missions are underway across several states. Power outages could persist for days and the damage done from the storm will take months to years to recover from for businesses and residents.
Home improvement retailers Home Depot (NYSE:HD) and Lowe's Companies (NYSE:LOW) are other stocks often linked to hurricanes due to the damage done to homes and repair efforts that are needed.
With hurricane season still active until late November, the areas impacted by Hurricane Helene will be hoping that more large storms don't make landfall in the coming months.
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