Travelers Estimates Gross Loss of $1.14 Billion From Sandy

Wednesday, 05 Dec 2012 09:54 AM

 

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Travelers Cos. Inc. said its preliminary estimate of net losses from Superstorm Sandy was about $650 million after tax.

It estimates a gross loss of $1.135 billion excluding expected recoveries from reinsurance, the company said in a statement.

The company also said it intends to resume share buybacks that it had temporarily suspended to assess its exposure to the storm.

Sandy is likely to be the second-costliest disaster in U.S. history, behind only Hurricane Katrina. Industry experts estimate insured losses of as much as $25 billion, excluding claims paid by the federal flood insurance program.

Allstate Corp. said last week that it expects to report October disaster losses of $1.08 billion, mostly due to Superstorm Sandy.

© 2014 Thomson/Reuters. All rights reserved.

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