AIG expects $1.3B in losses related to hurricane

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Associated Press

Posted on December 8, 2012 at 2:01 AM

Updated Saturday, Dec 8 at 2:02 AM

NEW YORK (AP) — AIG estimates it will take $1.3 billion in losses related to Superstorm Sandy, more than other major insurance companies have reported so far.

New York-based American International Group Inc. says it will contribute about $1 billion to its U.S. property casualty insurance units to help offset the losses, which are after taxes and include reinsurance recoveries. It says AIG Property Casualty has paid $2.4 billion in dividends to AIG in 2012.

On Wednesday, Travelers Cos. Inc. estimated $650 million in losses from the storm after taxes and reinsurance recoveries. Allstate Corp. estimated last week that it had $1.08 billion in catastrophe losses during October, mostly from damage to homes and autos from Sandy.

AIG shares rose 2.6 percent to $34.13 Friday. They gave back about 2 percent in aftermarket trading.

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