Superstorm slated to be second-costliest in U.S. history
Streets are flooded under the Manhattan Bridge in the Dumbo section of Brooklyn, N.Y., Monday, Oct. 29, 2012. Sandy continued on its path Monday, as the storm forced the shutdown of mass transit, schools and financial markets, sending coastal residents fleeing, and threatening a dangerous mix of high winds and soaking rain. (AP Photo/Bebeto Matthews)
The Travelers Cos. said its net losses related to Superstorm Sandy will be about $650 million.
The New York-based insurer, which has a significant presence in St. Paul, said the gross loss pre-tax and reinsurance estimate is $1.1 billion. The estimate is based on an analysis of claims that have already been reported and those claims expected to be filed.
The October storm ravaged parts of New Jersey, New York and other areas on the East Coast. Reuters has reported that 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. said last week that it expects to report October disaster losses of $1.08 billion, mostly because of Sandy.
Travelers also said it has resumed repurchasing its shares -- activity that was suspended when Sandy hit.
Janet Moore 612-673-7752