NU Online News Service, Oct. 3, 11:11 a.m.EST

|

Hurricane Irene has thus far caused more than $90 million ininsured losses in Massachusetts.

|

Hurricane Irene, which affected the East Coast from SouthCarolina to Maine late in August, has generated about 28,500 claimsin Massachusetts, according to the state Division of Insurance, apart of the state Office of Consumer Affairs and BusinessRegulation.

|

Though much of the damage was caused in eastern and southernMassachusetts, the totals include $15.6 million in insured lossesfrom 4,800 claims in western and central Massachusetts.

|

Residents of Norfolk County filed the most claims—more than5,300—with payments by insurers of more than $18 million.

|

Insurance companies have paid more than $17.4 million inMiddlesex County and $14 million in each of Plymouth and Bristolcounties, says the office, which also offers advice for homeowners during repairs.

|

According to Highline Data, recently acquired by SNL Financial, MAPFRE Insurance Group is thelargest writer of personal-lines insurance in Massachusetts, with a22.9 percent market share.

|

Massachusetts-based insurers Liberty Mutual Insurance Group,Safety Group and Arbella Insurance Group follow MAPFRE with marketshares of 10.5 percent, 9.4 percent and 8.2 percent,respectively.

|

Spain-based MAPFRE's U.S. operations are located in Webster,Mass.

|

Insurers have been releasing estimates of catastrophe losses inanticipation of third-quarter earnings announcements.

|

Today Tower Group Inc. says it expects between $50 million and$60 million in homeowners and commercial losses related toHurricane Irene and other events in the U.S.

|

Chubb Corp. says it estimates pretax losses of between $400million and $475 million from catastrophes in the third quarter dueto nine events in the United States.

|

Hurricane Irene caused about $300 million to $375 million inlosses for the Warren, N.J.-based personal and commercialinsurer.

|

Allstate estimates Hurricane Irene cost it $500 million. Thecompany says it expects $735 million in August pretax catastrophelosses from eight events.

|

Hartford Financial Services Group says it expects pretaxcatastrophe losses for July and August of $150-to-$250 million.Between $75 million and $175 million can be attributed to HurricaneIrene.

|

State Farm says it has paid policyholders $5 billion in 2011,which is likely to be one of the busiest years for catastrophelosses for the company, it says.

|

Catastrophe modeler Risk Management Solutions says the storm could cost insurers$2-to-$4.5 billion in the U.S. Modeler Eqecat says U.S. insured losses from Irene will fall between$1.5 billion and $2.8 billion. AIR Worldwide put the range of U.S. insured losses at $3-to-$6billion.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.