The Bermuda-based Catlin Group Limited announced that it currently estimates its Sandy-related losses at approximately $200 million, net of reinsurance and reinstatements.
Catlin noted that the “storm system caused extensive damage to portions of the United States and Canada on 29 October.”
The announcement also explained that the “estimate is subject to a considerable degree of uncertainty due to the size of the storm system and the wide variety of damage it caused. The Group anticipates that it will have a fuller understanding of the losses caused by the storm when it reports its 2012 full-year results.”
Source: Catlin Group
Topics Profit Loss Windstorm
Was this article valuable?
Here are more articles you may enjoy.
AWS Outage a ‘Moderate Incident,’ Another Near Miss for Insurance Industry 
Catastrophe Bonds’ Huge Market Gains Put Reinsurers on Backfoot 
Rotting Apple: Berkley Explains Property Market, Company Appetite 
Amazon Delivery Firms Are Bailing Amid Rising Costs, Meager Profit 
