Dec 05, 2012 08:06 PM IST | Source: Reuters

Travelers estimates gross loss of $1.14 bln from Sandy

TRAVELERS-LOSSES-SANDY:Travelers estimates gross loss of $1.14 bln from Sandy

Travelers estimates gross loss of $1.14 bln from Sandy

REUTERS - Travelers Cos Inc said its preliminary estimate of net losses from superstorm Sandy was about $650 million after tax.

It estimates a gross loss of $1.135 billion excluding expected recoveries from reinsurance, the company said in a statement.

The company also said it intends to resume share buybacks that it had temporarily suspended to assess its exposure to the storm.

Sandy is likely to be the second-costliest disaster in U.S. history, behind only Hurricane Katrina. Industry experts estimate insured losses of as much as $25 billion, excluding claims paid by the federal flood insurance program.

Allstate Corp said last week that it expects to report October disaster losses of $1.08 billion, mostly due to superstorm Sandy.

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