Tomas May Return to Hurricane Strength
NEW YORK (
) -- Tropical Storm Tomas could return to hurricane status by the end of the week, according to
the U.S. National Hurricane Center.
Tomas is strengthening in the Caribbean Sea and could hit Haiti on Friday with winds up to 74 miles per hour.
The tropical storm was downgraded from a Category 1 hurricane status when it slammed Barbados, Saint Lucia and St Vincent and the Grenadines last week. The Caribbean Catastrophe Risk Insurance Facility (CCRIF), a regional disaster pool, estimates "government losses" in Barbados, Saint Lucia and St Vincent & the Grenadines will total around $12.8 million, according to a statement. The organization plans to pay out the claim by the end of November.
So far U.S. 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.
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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