American Family pays $1 billion in storm payments
Thursday, September 8, 2011
MADISON, Wis. (AP) — A Madison-based insurance company’s catastrophe related losses have hit the $1 billion mark for a single year.
It’s only the third time that American Family Insurance’s storm and catastrophe-related losses in the Midwest have hit that mark. More than $100 million of the claim payments went to victims of the tornado that hit Joplin, Mo., in May, killing more than 160 people.
The Wisconsin State Journal (http://bit.ly/oV7P2e) reports the tally includes tornadoes in St. Louis and La Crosse and hailstorms throughout Wisconsin this spring.
American Family is ranked the nation’s third-largest mutual property/casualty insurance company.
The company says loss payments were just short of $1 billion through July but August claims should put it over $1 billion.
American Family has also paid more than $1 billion in 2006 and 2008.
Information from: Wisconsin State Journal, http://www.madison.com/wsj
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