American Family Pays $1 Billion in Storm Payments
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 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.
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