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.
Before tax and reinsurance, Travelers estimates losses of $1.1 billion. Travelers did not provide estimates by state.
The company said Wednesday that due to the nature of the storm, the scope of it, the number of customers who had insured damage to car homes and businesses, and other factors, the actual losses may be different from the current estimate.
Estimates of overall losses to insurance companies and the economy in general have...