Travelers estimates gross loss of $1.14 billion from Sandy
(Reuters) - Travelers Cos Inc (TRV.N) said its preliminary estimate of net losses from superstorm Sandy was about $650 million after tax.
It estimates a gross loss of $1.135 billion excluding expected recoveries from reinsurance, the company said in a statement.
The company also said it intends to resume share buybacks that it had temporarily suspended to assess its exposure to the storm.
Sandy is likely to be the second-costliest disaster in U.S. history, behind only Hurricane Katrina. Industry experts estimate insured losses of as much as $25 billion, excluding claims paid by the federal flood insurance program.
Allstate Corp (ALL.N) said last week that it expects to report October disaster losses of $1.08 billion, mostly due to superstorm Sandy.
(Reporting by Aman Shah in Bangalore; Editing by Roshni Menon)
- Radar showed missing plane may have turned back: Malaysia military
- Malaysian jetliner may have turned back before vanishing |
- Malaysian plane presumed crashed; questions over false IDs |
- Exclusive: Probe into missing Malaysia plane looks at possible mid-air disintegration - source