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December 10, 2004
Storms to cost State Farm $3 billion
State Farm, the largest U.S. property and casualty insurer, said Thursday that it expects the four hurricanes that hit Florida and neighboring states in August and September will cost it about $3 billion.
The loss includes $630 million that State Farm expects to recover from Florida's state-run hurricane catastrophe fund, according to company spokesman Dick Luedke. State Farm also expects to get back about $10 million from private reinsurance, he said.
Posted by Tom Troceen