LONDON Dec 20 Two British insurers said they
expected to take a combined financial hit of around $300 million
from Superstorm Sandy, confirming its status as one of the most
destructive storms on record.
Amlin expects to absorb claims of about 145 million
pounds ($235.91 million), while rival Lancashire
estimates its loss at between $40 million and $60 million, the
companies said on Thursday.
Sandy, which killed 132 people as it swept through the
northeastern United States on Oct. 29, is expected to cost the
insurance industry up to $25 billion, making it the
second-costliest storm after Hurricane Katrina in 2005.
The Lloyd's of London insurance market said on
Wednesday Sandy could cost it up to $2.5 billion, making it the
third-biggest loss in its 324-year history.
Amlin, one of the insurers which operates at Lloyd's, said
it still expected to make a profit this year from its
reinsurance business even though it accounted for 80 percent of
the estimated Sandy loss.
Total catastrophe-related claims for the year were only
"modestly above" the amount it had budgeted for, it added.
Analysts have said insurers' total claims bill for 2012
should still be manageable thanks to a relative absence of major
natural disasters in the first 10 months of the year.