Tags: AIG | Loss | Storm | Sandy

AIG Sees at Least $1.3 Billion Loss on Storm Sandy

Friday, 07 Dec 2012 04:40 PM

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 2005.

AIG shares fell 1.2 percent to $33.72 in after-hours trading Friday.

© 2017 Thomson/Reuters. All rights reserved.

 
1Like our page
2Share
Companies
Insurer American International Group 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.
AIG,Loss,Storm,Sandy
143
2012-40-07
Friday, 07 Dec 2012 04:40 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved