State Auto Financial Corp., based in Columbus, Ohio, has estimated its second quarter 2011 earnings will include between $75 million and $85 million in pre-tax catastrophe losses related to April storm activity, net of estimated reinsurance recoveries.
Five separate catastrophes impacted 20 of State Auto’s operating states in April, resulting in auto and property claims caused by tornadoes, wind and hail. Prior to 2011, State Auto’s historic five-year average catastrophe loss ratio for the second quarter is 18 percentage points or $50 million of losses.
The company expects that more than 15,000 claims will be filed as result of the April storms.
Source: State Auto Financial Corp.
Topics Auto Profit Loss Windstorm
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