Hurricane Paula Losses May Hit $200M

Losses from Hurricane Paula are likely to be less than $200 million.
Author:
Publish date:

NEW YORK (

TheStreet

) -- Losses from Hurricane Paula are likely to be less than $200 million, according to a report by

EQECAT.

Damage would be mostly from flooding due to the storm. Paula, which is now a Category 2 hurricane, may hit Cuba this coming Wednesday or Thursday.

Luckily for insurers, Hurricane Paula is likely to spare Florida,

according to reports by NOAA.

NOAA says tat Paula could hit southern Florida or the keys, but is likely to steer clear of mainland.

So far property and casualty insurers such as

Allstate

(ALL) - Get Report

,

Travelers

(TRV) - Get Report

and

Chubb

(CB) - Get Report

have made off without substantial losses from hurricanes this season. These insurers are likely to use the extra capital to make acquisitions or buybacks next year.

>>TheStreet's 2010 Interactive Hurricane Map

--Written by Maria Woehr in New York.

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