The Hartford is expecting to pay less than $50mn for losses stemming from Hurricane Dorian, according to the carrier’s chief financial officer.
Speaking Monday at a Barclays global financial services conference in New York, CFO Beth Costello said the insurer had some loss exposure in the Bahamas through its Navigators arm but called the storm “a very manageable event”.
“It obviously is a much lower impact than probably what some were predicting before it changed course.”
“For us, we would expect [claims] to be under $50 million,” she added.
The executive’s comments follow an estimate of insured losses from the storm issued last week by catastrophe modelling firm AIR Worldwide. The risk modeller projected market-wide losses from Dorian to fall between $1.5bn and $3bn.
Rival modelling firm Karen Clark & Company has released a forecast indicating that total economic losses in the Bahamas will likely hit $7bn.
Meanwhile, RMS has released a projection of $3.5bn to $6.5bh for insured losses from the storm, coming almost entirely from the Bahamas.