American International Group (AIG) estimates its total insured losses from Superstorm Sandy will come to approximately $2 billion.
That preliminary loss figure, announced on Dec. 7, is pretax and net of reinsurance; after tax and net of reinsurance, AIG is putting the approximate total loss at $1.3 billion. The insurer expects to make a capital contribution to its U.S. P&C insurance subsidiaries of $1 billion from existing available funds.
AIG says losses related to Sandy will be reflected in the company's Q4 2012 results, and any subsequent changes will be recorded in the period in which they occur.
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