The Farmers Insurance Group of Companies estimates its Hurricane Katrina losses will run between $200 million and $220 million from about 32,000 claims in the three states hit by the storm.
Farmers said the claims would come from homeowners and some auto business written in Louisiana, Alabama and Mississippi. This business, markets which are relatively new for the carrier, represents 3 percent of market share.
The estimate, pretax after reinsurance, is within expected total catastrophe losses for the year. The loss will not affect its plans for surplus growth, the company added.
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