Mercury General Corporation revised its estimate for losses from Hurricane Wilma by $12 million.
The Los Angeles-based insurer said it increased its losses from the Oct. 24 storm from $12 million to $24 million. After tax, the company said it expects losses to increase from $8 million to $16 million.
Wilma struck the southern Gulf Coast of Florida, crossing the peninsula and impacting both the Gulf and Atlantic sides of the state.
Mercury said it believes the majority of claims have been reported and “a substantial number of these claims have been settled.” The company, in a statement, cautioned that uncertainty remains and its loss estimate could still change.
Industrywide catastrophe losses from Hurricanes Katrina, Rita and Wilma as well as other storms during the past hurricane season are estimated to be above $50 million, and could go higher.
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