Hurricane Tomas Targets Haiti
NEW YORK (
) -- Hurricane Tomas is likely to cause more damage when it pounds Haiti this morning.
The hurricane is approaching Haiti with 80 mile-an-hour winds, according to the U.S. National Hurricane Center. A hurricane warning is also in effect for the southeastern Bahamas, Cuba and Turks and Caicos.
Tomas pounded the Barbados, Saint Lucia, St Vincent and the Grenadines last week. So far insurance claims from the storm will total around $12.8 million, according to the Caribbean Catastrophe Risk Insurance Facility (CCRIF), a regional disaster pool. However, the government of St. Lucia announced that damage from the storm could surpass $37 million.
So far U.S. property and casualty insurers such as
Allstate
(ALL) - Get Report
,
Travelers
(TRV) - Get Report
and
Chubb
(CB) - Get Report
have lucked out this hurricane season. The losses due to hurricane damage have not been extensive so many property/casualty insurers are likely to use the extra capital to make acquisitions or buybacks next year.
For more on losses insurers suffered check out
TheStreet's 2010 Interactive Hurricane Map
--Written by Maria Woehr in New York.
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