Filed Under:Claims, Catastrophe & Restoration

Sandy Losses in Q4 of $380M for Ace; $95M for Montpelier Re

Ace says it expects about $380 million in losses in the fourth quarter related to Superstorm Sandy.

The estimate is after tax, net of reinsurance, and includes reinstatement premiums, says the Zurich-based multiline P&C insurance group.

Meanwhile, Hamilton, Bermuda-based Montpelier Re Holdings says it predicts about $95 million in pretax losses from Sandy in 2012’s last quarter.

The reinsurer says its prediction of fourth-quarter losses is also net of reinsurance, and includes reinstatements.

The late-October storm brought strong winds and storm surge to the Northeast. Catastrophe modelers say Sandy could cause up to $25 billion in losses for the insurance industry.

The estimates are the latest from companies prepping investors as fourth-quarter earnings announcement season approaches.

Late Friday, American International Group (AIG) put losses at an estimated $1.3 billion, after tax and net of reinsurance. The company says it to make a capital contribution to its U.S. property and casualty insurance subsidiaries of $1 billion from existing, readily available funds.

Allstate Corp. says it expects $1.08 billion in pretax catastrophe losses for the month of October, primarily due to Superstorm Sandy.

Travelers Cos. released a preliminary estimate of net losses relating to Superstorm Sandy of about $650 million and New Jersey Manufacturers says losses from Sandy will top $300 million.

The Hartford's CEO says the company's insured losses for Superstorm Sandy could surpass its reinsurance deductible of $350 million.

Top Story

The 5 biggest challenges agents are facing now (and how to overcome them)

Whether it’s lead generation, health reform or annuity cap rates, it pays to know your enemy.

Top Story

Welcome to the future: 8 ways that digital innovation is reinventing insurance customer service

Carriers that differentiate their customer service experience through a carefully designed, thoughtfully executed and adaptable digital strategy are more successful than their competitors at reducing customer service costs while increasing customer satisfaction and retention. And that's not all.

More Resources

Comments

eNewsletter Sign Up

Claims Connection eNewsletter

Breaking news on disasters, fraud, legal trends, technology, and CE initiatives for the P&C claim professional – FREE. Sign Up Now!

Mobile Phone
         

Advertisement. Closing in 15 seconds.