News Summary: AIG expects $1.3B Superstorm loss

Published on NewsOK Modified: December 7, 2012 at 4:59 pm •  Published: December 7, 2012

THE BIGGEST YET: AIG said Friday it will take about $1.3 billion in losses related to Superstorm Sandy including taxes and reinsurance recoveries, more than other major insurance companies have reported so far.

OTHER DAMAGE: Allstate Corp. estimates it had $1.08 billion in catastrophe losses during October, mostly from damage to homes and autos from Sandy. Travelers Cos. expects $650 million in Sandy-related losses after taxes and insurance recoveries.

AID: The federal government has distributed about $2 billion in aid to the 11 states that were hit by the storm, which made landfall on Oct. 29.