Charley runs up big tab in Florida.US. property/casualty insurers are expected to pay between $6.8 billion and $7.4 billion for insured property losses from Hurricane Charley, according to industry estimates. Initially, the Insurance Information Institute set Charley's price tag at $7.4 billion; subsequently, the Property Claim Services unit of Insurance Services Office Insurance Services Office, Inc. (ISO) is a provider of data, underwriting, risk management and legal/regulatory services to property-casualty insurers and other clients. Headquartered in Jersey City, New Jersey, the organization serves clients with offices throughout the United Inc. reported the lower loss estimate. State Farm and Allstate Corp. are the top two homeowners insurers in Florida. State Farm estimates it will pay $1.3 billion in claims from Hurricane Charley, the highest dollar loss among insurers that had released losses from Charley as of early September. Allstate estimates that its pretax catastrophe Charley losses are about $425 million, net of recoveries from the Florida Hurricane Catastrophe Fund, or $276 million after tax. Charley, a Category 4 hurricane, swept through southwest and central Florida on Aug. 13, with winds reaching as high as 145 mph. Charley lost its strength by Aug. 14, when it reached the coastal areas of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , which suffered insured losses of $25 million and $20 million, respectively, according to PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. . Florida accounts for 605,000 of the nearly 622,000 Charley-related claims that insurers expect to receive from homeowners and businesses for insured losses to personal and commercial property and vehicles, PCS said. Charley is the second-costliest hurricane for insurers after Hurricane Andrew, which hit Southern Florida in 1992, causing insured losses of $20.3 billion in inflation-adjusted dollars. Estimated Losses from Hurricane Charley * Ace Ltd.: $100 million * Allmerica Financial Corp.: $40 million pretax losses * The Allstate Corp.: $425 million net of recoveries from the Fla. Hurricane Fund or $276 million after tax and 40 cents a share after tax * American Financial Group Inc.: $8 million * American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Inc.: $80 million-$100 million * American National Insurance Co.: $7 million * Aspen Insurance: $35 million to $50 million after reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. and tax * Arch Capital Group Ltd.: $24 million to $44 million * Assurant: $20 million * Chubb Corp.: $35 million to $40 million * Clarendon Insurance Group: Gross loss of $130 million and a net loss of $30 million * CNA Financial Corp.: $40 million to $60 million * Endurance Specialty: $43 million to $48 million * Everest Re Group Ltd.: $40 million * Hannover Re: $120 million * Hartford Financial Services Group Inc.: Pretax loss of $140 million and after tax $91 million * HCC Insurance Holdings HCC Insurance Holdings, Inc. Inc.: $10 million * Horace Mann Educators Corp.: $12 million to $14 million * IPC (1) (InterProcess Communication) The exchange of data between one program and another either within the same computer or over a network. It implies a protocol that guarantees a response to a request. Holdings Ltd.: $35 million to $45 million * Midland Co.: $4 million * Montpelier Re Holdings Ltd.: $48 million to $63 million * Munich Re: $100 million * Nationwide Mutual Insurance Co.: $380 million * Odyssey Re Holdings Corp.: $20 million * Ohio Casualty Group: $6 million to $8 million * PartnerRe Ltd.: $35 million to $45 million * Penn-America Group Inc.: $1 million * Philadelphia Consolidated Holdings Corp.: $6.8 million * Platinum Underwriters Holdings Ltd.: $20 million to $35 million * PXRE Group Ltd.: $18 million * RenaissanceRe Ltd.: $100 million to $140 million * RLI RLI Realtors Land Institute RLI Reserve Life Index (oil industry) RLI Rhodesian Light Infantry (Rhodesian Army Unit) RLI Retail & Leisure International RLI Resource List Interoperability Corp.: $3 million to $4 million * Safeco Corp.: $45 million * Scor: $12 million * St. Paul Travelers Cos. Inc. $140 million, after accounting for reinsurance and after-tax losses * State Farm: $1.3 billion * Swiss Re: $200 million * Transatlantic Holdings Inc.: $32.5 million * United National Group Ltd.: About $300,000 * Unitrin Inc.: $5 million * USAA USAA United Services Automobile Association USAA Urban Superintendents Association of America USAA United States Achievement Academy USAA United States Arbitration Act of 1925 USAA United States Axemen's Association USAA United States Air-Table-Hockey Association : Less than $200 million * White Mountains Insurance Group White Mountains Insurance Group is a holding company with business interests in property and casualty insurance, and reinsurance. The group owns the direct marketing insurer Esurance. External links
* W.R. Berkley Corp.: $5 million * XL Capital: $125 million * Zenith National Insurance Corp.: $3 million after tax losses |
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