Tropical Storm Ian insurance losses projected to reach $40 billion

Tropical Storm Ian is poised to become one of the most expensive weather catastrophes in U.S. insurance history. 

"While it's too early to tell what the damage projections will be, many of the insurance modelers are putting it at between $20 and $40 billion," Insurance Information Institute spokesperson Loretta Worters told FOX Business Thursday. 

Hurricane Charley followed a similar path through Florida as Ian in 2004 and racked up $16 billion in property damage.