Hurricane Sandy is expected to cost The Hartford $370 million in total claims, before tax, the property-casualty insurer said Tuesday.
The Hartford Financial Services Group has reinsurance to cover part of that, and expects the company’s losses from the storm will be $350 million before tax, net of reinsurance.
Hurricane Sandy is estimated to cost The Travelers Cos. $650 million after the company accounts for tax and reinsurance.
Reinsurance is insurance for insurers, covering insured costs if the dollar amount reaches a certain level.
Hurricane Sandy damaged or destroyed about 230,000 vehicles, according to an analysis of insurance claims filed as of last week.
Most of those were in New York and — 130,000 automobiles — followed by New Jersey, which had about 60,000 insurance claims for vehicles, according to the National Insurance Crime Bureau and the Insurance Services Office, which is a subsidiary of Verisk Analytics.