The St. Paul Travelers Companies Inc. said its preliminary estimate for catastrophe losses relating to Hurricane Wilma will be $410 million pre-tax and approximately $220 million after tax, net of reinsurance.
Total catastrophe losses in the third quarter, the company said, were more than $1 billion after tax, net of reinsurance and including the cost of reinstatement premiums relating to Hurricanes Katrina and Rita.
The carrier explained that estimates for the three major hurricanes were developed through analyses of claims reported and anticipated to be reported; the values of properties in the affected areas; damage projections estimated by wind force; the presence of other perils; anticipated costs for demand surge; and other factors requiring considerable judgment.
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