State Farm Receives 81,000 Sandy-Related Claims
State Farm Mutual Automobile Insurance Co., the largest U.S. home and car insurer, received 81,260 claims related to superstorm Sandy through yesterday, led by policyholders in New York.
New York homeowners submitted 24,700 claims and drivers in the state filed 7,325, Rachael Risinger, a company spokeswoman, said today in an e-mail.
Homeowners in nine states and the District of Columbia filed more than 68,000 claims since Oct. 31, State Farm said. Sandy slammed the East Coast last week, hitting hardest in New York and New Jersey, killing more than 100 and leaving about 8.5 million homes and businesses without power at its peak. It may have caused $20 billion in insured damage, according to Hiscox Ltd., the biggest Lloyd’s of London insurer by market value.
“We suspect the bulk of the losses will be absorbed by the primary insurers like State Farm, Allstate (ALL), Travelers, etc. and not by the reinsurers,” said today Paul Newsome, an analyst at Sander O’Neill & Partners LP, in a note.
To contact the reporter on this story: Susanna Pak in New York at spak10@bloomberg.net
To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net
Nov. 5 (Bloomberg) -- Ocean County, New Jersey, Administrator Carl Block talks about the likely timetable for residents of the county's barrier islands to return to their homes in the wake of Atlantic superstorm Sandy and the restoration of essential utilities to those structures. He talks with Bloomberg's Carolynn Fedor in Toms River. (Source: Bloomberg)
State Farm Gets 81,000 Sandy-Related Claims, Led by New York
Scott Eells/Bloomberg
Residents look over the damage in the Breezy Point neighborhood of the Queens borough of New York.
Residents look over the damage in the Breezy Point neighborhood of the Queens borough of New York. Photographer: Scott Eells/Bloomberg
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