NU Online News Service, Oct. 3, 11:11 a.m. EST
Hurricane Irene has thus far caused more than $90 million in insured losses in Massachusetts.
Hurricane Irene, which affected the East Coast from South Carolina to Maine late in August, has generated about 28,500 claims in Massachusetts, according to the state Division of Insurance, a part of the state Office of Consumer Affairs and Business Regulation.
Though much of the damage was caused in eastern and southern Massachusetts, the totals include $15.6 million in insured losses from 4,800 claims in western and central Massachusetts.
Residents of Norfolk County filed the most claims—more than 5,300—with payments by insurers of more than $18 million.
Insurance companies have paid more than $17.4 million in Middlesex County and $14 million in each of Plymouth and Bristol counties, says the office, which also offers advice for homeowners during repairs.
According to Highline Data, recently acquired by SNL Financial, MAPFRE Insurance Group is the largest writer of personal-lines insurance in Massachusetts, with a 22.9 percent market share.
Massachusetts-based insurers Liberty Mutual Insurance Group, Safety Group and Arbella Insurance Group follow MAPFRE with market shares of 10.5 percent, 9.4 percent and 8.2 percent, respectively.
Spain-based MAPFRE's U.S. operations are located in Webster, Mass.
Insurers have been releasing estimates of catastrophe losses in anticipation of third-quarter earnings announcements.
Today Tower Group Inc. says it expects between $50 million and $60 million in homeowners and commercial losses related to Hurricane Irene and other events in the U.S.
Chubb Corp. says it estimates pretax losses of between $400 million and $475 million from catastrophes in the third quarter due to nine events in the United States.
Hurricane Irene caused about $300 million to $375 million in losses for the Warren, N.J.-based personal and commercial insurer.
Allstate estimates Hurricane Irene cost it $500 million. The company says it expects $735 million in August pretax catastrophe losses from eight events.
Hartford Financial Services Group says it expects pretax catastrophe losses for July and August of $150-to-$250 million. Between $75 million and $175 million can be attributed to Hurricane Irene.
State Farm says it has paid policyholders $5 billion in 2011, which is likely to be one of the busiest years for catastrophe losses for the company, it says.
Catastrophe modeler Risk Management Solutions says the storm could cost insurers $2-to-$4.5 billion in the U.S. Modeler Eqecat says U.S. insured losses from Irene will fall between $1.5 billion and $2.8 billion. AIR Worldwide put the range of U.S. insured losses at $3-to-$6 billion.
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