The Hartford sees Q3 catastrophe losses of $35M-$375M before tax
The Hartford announced that it currently expects to report third quarter 2017 catastrophe losses of $325M-$375M before tax, or approximately $210M-$245M after tax. This estimate includes losses from Hurricane Harvey of $175M, before tax, and from Hurricane Irma of $125M-$175M, before tax, each having a larger impact on Commercial Lines than on Personal Lines. Aside from these two named storms, the company's losses from third quarter 2017 catastrophes, including Hurricane Maria, are relatively low. All of the estimates are net of property per risk and other facultative reinsurance. The two hurricanes are not expected to result in any recoveries from the company's property catastrophe occurrence treaty, which has a $350M before tax, attachment point per catastrophe event. As a result, the company has not incurred a reinstatement premium on its catastrophe program.