Insurer Storm Costs Exceed $8 Billion, Led by Allstate: Table
Insurers have reported losses of more than $8 billion from U.S. natural disasters in April and May including the Joplin, Missouri, tornado that killed at least 150 people.
Allstate Corp. (ALL), the largest publicly traded U.S. home and auto insurer, reported pretax losses of $2 billion from claims in those two months. American Family Insurance and FM Global today disclosed a combined total of more than $1 billion in costs. The table below, compiled from more than 20 company statements, lists projected losses from insurers and reinsurers.
Company Cost Allstate 2,000 State Farm# 1,750 Travelers Cos.* 1,000-1,050 Zurich FinancialX 695 American Family Insurance^ 623 Liberty Mutual*+ 350-450 FM Global^ 400 Chubb Corp. 250-310 Cincinnati Financial 240-290 MetLife Inc.* 160-180 State Auto Financial 120-135 Progressive 102 Allianz SE> 85 Hanover Insurance+ 70-85 Assurant Inc. 65-75 Unitrin Inc.+ 65-75 XL Group Plc. 50-75 Partner Re Ltd. + 50-70 W.R. Berkley Corp. 65 Aspen Insurance Holdings* 60 Horace Mann Educators Corp. 45-50 Hannover Re 45 Farm Bureau Town & Country of Mo.^ 37 Alterra 18-28 Selective Insurance+ 25 Total 8,370-8,760 Notes: Some names have been abbreviated for space. Some totals were converted from euros on the day of the announcement. *After taxes. + Only accounts for storms in April. ^Disclosed in interview # Sum covers payments made already. X Includes $400 million from Farmers Exchanges, which is managed by a unit of Zurich. >Projection was made before Joplin, Missouri, tornado To contact the reporter on this story: Brooke Sutherland in New York at Bsutherland5@bloomberg.net To contact the editor responsible for this story: Dan Kraut at email@example.com