Columbus, Ohio-based regional property/casualty carrier State Auto Financial Corp. estimates that hurricanes Charley, Frances and Ivan, cumulatively, will contribute about $32 million to $36 million in pre-tax losses, or 13 to 14 loss-ratio points, to third quarter results.
“The recent hurricane activity has caused damage in many of our eastern and southeastern operating states,” State Auto Chairman Robert H. Moone said in a statement. “While claims work continues, we are far enough along in the process to be comfortable in making loss projections, but we also recognize that the process involves considerable uncertainty.”
State Auto is scheduled to release third-quarter results on October 26, 2004. The company markets its products through more than 22,500 independent agents associated with over 3,300 agencies in 26 central and eastern states, excluding New York, New Jersey and the New England states.
Topics Catastrophe Natural Disasters Auto Profit Loss Hurricane
Was this article valuable?
Here are more articles you may enjoy.
Nearly Half of 100 Largest P/C Insurers Destroy Value: ACORD 
MAPFRE Accuses AAA of Violating Long-Time Exclusive Marketing Agreement 
’60 Minutes’ Homeowners Ask Court to Force DFS to Divulge Heritage Probe Info 
Florida Insurance Agency VP Sentenced to 3 Years in Massive ACA Fraud Scheme 
