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New Jersey Insurance Claims Eclipse $1 Billion

Post Date January 10, 2013 - One of the nations largest Auto and Homeowners Insurance, Allstate Insurance Company , suffered one of the highest single states claims months in the company’s history. The State of New Jersey Insurance Claims from Super Storm Sandy has recorded losses over one billion dollars. The expected New Jersey Insurance Claims  for October amounted to $1.08 billion. Allstate Insurance reported their company had a $1.28 billion gross loss from Sandy and that they are expecting to recover only about $200 million from reinsurance.  More than half of the insurance company’s losses in October came from New Jersey Insurance Claims associated with Super Storm Sandy.

Allstate Insurance hit hard by New Jersey Insurance Claims

Next to New Jersey, Allstate had insurance losses amounting to around $250 million in the State of New York. Their losses are being shared by other states that were affected by the hurricane that made landfall  in late October. The states of New York and New Jersey which were greatly hit by the hurricane-turned-superstorm registered almost $100-billion of damages both the public and private properties.  As for home and auto insurance claims, Allstate reported that as of November 26, they have already processed and paid for around $340 million in New Jersey Insurance claims.

The said storm is being expected by experts to be the second-costliest disaster to hit the United States. Sandy will only be behind Hurricane Katrina that struck seven years ago. Insurance industry experts forecast that the insured losses for Sandy will be as much as $25 billion. Said insured losses estimate does not cover the claims that will be paid for by the federal flood insurance program. The amount of disaster loss that the said insurance company is facing right now is almost the same in magnitude as to what it experienced from a series of tornadoes in April last year, that brought to the company around $1.4 billion in disaster losses.

-Mike

Michael E. Dortch
President &  Senior Agent
InsureDirect.com
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania  19446
(800) 807-0762  ext. 206