Hurricane Katrina will mean more than $1 billion in catastrophe losses in the third quarter for two major insurance carriers, based on statements the companies released this week.
American International Group Inc. (AIG) said it expects to report catastrophe losses of approximately $1.1 billion for the third quarter, primarily from Hurricane Katrina.
AIG said it estimates that total after-tax insurance related losses, net of reinsurance recoverables in the third quarter, would be approximately $900 million. In addition, it expects to record an after-tax charge of approximately $170 million relating to reinstatement premiums.
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