The Hartford Says Sandy Losses $370 Million

Insurer Hartford Financial Services Group Inc said on Tuesday it expects pretax losses of $370 million from Superstorm Sandy, which ravaged New York and New Jersey in October.

The Hartford said 60 percent of the losses were in commercial segments and 40 percent in consumer.

After reinsurance recoveries and tax, the company said its total fourth-quarter catastrophe losses were $230 million as of Nov. 30.

Sandy is estimated to have caused insured losses of up to $25 billion, a figure that excludes flood losses insured by the federal government and not by private industry.

[The Hartford Financial Services Group CEO Liam McGee recently shared his view regarding the storm. At the Goldman Sachs Financial Services Conference in New York, McGee said the insurance industry will have to come to terms with “the fact that undoubtedly weather has changed.”]