Hurricane Idalia could become 2023’s costliest climate disaster for the US

Analysts estimate the category 3 storm has already racked up a preliminary cost of $9.36bn, straining the insurance industry

Hurricane Idalia could become the costliest climate disaster to hit the US this year, analysts say, with massive implications for the insurance and risk management industries.

The category 3 storm that barreled into Florida's west coast from the Gulf of Mexico on Wednesday, then carved a path of destruction and flooding through Georgia and the Carolinas, has a preliminary price tag between $9.36bn, based on early estimates, from risk analysts at UBS, and $18bn-$20bn calculated by AccuWeather.