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Since Superstorm Sandy slammed into the New Jersey coastline on Oct. 29, 2012, dozens of insurers and reinsurers have publicly announced their Sandy-related preliminary loss estimates. The following are loss estimates for carriers headquartered in U.S. central regions. These estimates are preliminary and are subject to change based on new or revised data.

• Allstate Corp. expects to report October disaster losses of $1.08 billion, mostly due to Sandy. Allstate said its gross losses were $1.28 billion but that it expected to recover about $200 million in reinsurance. Pretax losses, net of reinsurance, include $975 million for Allstate, $95 million for Encompass, and $5 million for Esurance.
• American Financial Group anticipates losses of between $25 million and $35 million, pretax, net of reinsurance.
• Cincinnati Financial Corp. anticipates losses of $25 million to $35 million, pretax, for its 2012 Q4. Commercial lines accounts for two-thirds of the losses. Some 60 percent of the claims came from the Cleveland area, and 20 percent from Pennsylvania.
• HCC Å˽ðÁ«´«Ã½Ó³»­ Holdings’ preliminary estimates for 2012 Q4 CAT losses are in the range of $30 million to $35 million, pretax, after reinsurance and reinstatement premium. These losses are related to Sandy, and mostly impacted HCC’s property treaty, property direct and facultative, and energy lines of business in the international segment.
• Kemper Corp. anticipates losses of $45 million in pretax losses for 2012 Q4.
• Progressive Å˽ðÁ«´«Ã½Ó³»­ Group anticipates total Sandy losses could reach $90 million.
• RLI Corp. expects Sandy losses to be between $15 million and $20 million, pretax and net of reinsurance.
• State Farm said it has so far received more than 113,000 property claims (with over $469 million indemnity paid to date) and 18,000 auto claims (with over $174 million indemnity paid) stemming from Sandy.
• United Fire Group expects net losses of $13 million to $19.5 million.
• USAA Group received some 63,000 Sandy-related claims but has not yet issued monetary loss estimates.

Topics Trends Profit Loss Reinsurance