Dec 7 Insurer American International Group Inc
on Friday said it expects after-tax losses of at least
$1.3 billion from Superstorm Sandy, a much bigger hit than some
of its largest peers have reported.
The figure is double what Travelers Cos Inc said it
expected to lose from Sandy and 20 percent more than Allstate
Corp forecast for its losses.
AIG said the loss, which is net of reinsurance recoveries,
would be reflected in the fourth quarter. The company will
contribute $1 billion from existing funds to its U.S. property
insurance subsidiaries to help cover the losses.
Sandy, which struck the Northeast region on Oct. 29, is
expected ultimately to be the second-costliest catastrophe in
U.S. history, with insured loss estimates as high as $25
billion. The costliest catastrophe was Hurricane Katrina in
AIG shares fell 1.2 percent to $33.72 in after-hours