Predictions of the insurance industry's losses suggest that the final industrywide tally from the massive storm could exceed $20 billion, but most major insurers are expected to pull through without absorbing permanent damage.
Reinsurer Platinum Underwriters expects fourth-quarter results to be hurt by about $30 million because of Sandy. That projection includes a preliminary estimate of losses, loss-adjustment expenses and other items. Platinum Underwriters said its assessment is continuing.
XL Group expects losses related to Sandy of $350 million, net of reinsurance and reinstatement premiums, with about 60% of the estimated loss related to its reinsurance unit. Within the reinsurance business, XL Group said about 20% of the estimated losses are at its marine segment, with the remainder related to property reinsurance.
Platinum Underwriters shares closed Wednesday at $44.58 and were inactive in after-hours trading. The stock is down 4.9% from its all-time high of $46.87 set in late October.