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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 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 of $9.36bn, based on early estimates, according to risk analysts at UBS.

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