Travelers Reports Isabel Losses
NU Online News Service, Oct. 6, 11:48 a.m. EDT
The Hartford, Conn.-based insurer has projected $75 million in Isabel-related catastrophe losses after reinsurance and taxes. Approximately 33,000 claims were filed as of Oct. 2.
Travelers' estimate includes net losses of approximately $50 million in personal lines and $25 million in commercial lines. This is in addition to other catastrophe losses incurred in the third quarter of about $12 million after reinsurance and tax, the company noted.
"The damage pattern of Hurricane Isabel seems to be similar to that of 1999's Hurricane Floyd, which had a high frequency of claims but relatively low severity," said Douglas G. Elliot, Travelers' chief operating officer.
"In the hardest hit area, Virginia, our catastrophe response teams, including our four mobile claim vans, have been on scene starting on the day after the hurricane hit, and we have had more than 400 claim specialists in the affected areas," Mr. Elliot added.
According to a statement issued by Travelers, management's estimate of the range of full-year net and operating income is being narrowed to $1.65 billion to $1.70 billion from the previous range of $1.65 billion to $1.75 billion. This estimate is based on various assumptions, which include, among other things, a normal level of catastrophe losses for the rest of the year.
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