US giants’ 2012 cat losses higher than predicted
After an unusually benign first half of the year for
catastrophic loss events, the leading US primary insurers posted
higher loss burdens than most analysts were expecting.
For example, Allstate disclosed second quarter pre-tax catastrophe
losses of $960mn last week - well ahead of the $643mn estimated by
Stifel Nicolaus analyst Meyer Shields.
Allstate said that four events accounted for over half of the loss,
while around $440mn of claims are estimated for June.
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Its rival Travelers...
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