Hurricane Milton could trigger global insurance losses of up to $100 billion (£76.5 billion), analysts warned on Wednesday.

Named the “storm of the century”, the Category 4 storm could prove to be one of the most destructive storms to ever hit Florida, which is still recovering from the devastation incurred by Hurricane Helene less than two weeks ago.

“Milton has the potential to be one of the most destructive hurricanes on record for west-central Florida,” the National Hurricane Center warned.

The hurricane was predicted to strike about 40 miles south of the city of the Tampa Bay region, home to more than three million people, a major military base and Florida’s largest port.