Hartford Sees Q3 Catastrophe Losses Of $325 Mln - $375 Mln, Before Tax

(RTTNews) - Hartford Financial Services Group, Inc., (HIG), a property and casualty insurance firm, Monday said it currently expects to report third quarter 2017 catastrophe losses of $325 million to $375 million, before tax or approximately $210 million to $245 million, after tax.

This estimate includes losses before tax from Hurricane Harvey of $175 million and from Hurricane Irma of $125 million to $175 million, each having a larger impact on Commercial Lines than on Personal Lines.

Aside from these two named storms, the company's losses from third quarter 2017 catastrophes, including Hurricane Maria, are relatively low.

All of the estimates are net of property per risk and other facultative reinsurance.

The company added that the two hurricanes are not expected to result in any recoveries from the company's property catastrophe occurrence treaty, which has a $350 million, before tax, attachment point per catastrophe event. As a result, the company has not incurred a reinstatement premium on its catastrophe program.

The Hartford will release third quarter 2017 financial results on October 26.