| | |
TRAVELERS-LOSSES-SANDY:Travelers estimates gross loss of $1.14 bln from Sandy
REUTERS - Travelers Cos Inc
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.
ADS BY GOOGLE
video of the day
Don’t try to time market; OMCs, paint cos to benefit: Emkay