The Farmers Insurance Group of Companies announced Tuesday the estimated losses experienced by its Property and Casualty Insurance Exchanges from Hurricane Katrina.
Louisiana, Alabama and Mississippi are relatively new markets for Farmers whose market share in these states is approximately 3% in Homeowners and even less in Auto. Combined with Foremost, Farmers anticipate approximately 32,000 claims on which its National Catastrophe Team is reportedly making good progress already.
As of today, the Farmers Exchanges’ pre-tax losses after reinsurance are estimated between $200 and $220 million. Farmers said these losses are within expected total catastrophe losses for the year and will not affect its plans for surplus growth in the Insurance Exchanges in 2005.
Farmers advises its customers still suffering damage from the hurricane to immediately contact their agent or call the 24-hour claims hotline, 800-HelpPoint (1-800-435-7764).
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