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News Summary: AIG expects $1.3B Superstorm loss

The Associated Press

THE BIGGEST YET: AIG said Friday it will take about $1.3 billion in losses related to Superstorm Sandy including taxes and reinsurance recoveries, more than other major insurance companies have reported so far.

OTHER DAMAGE: Allstate Corp. estimates it had $1.08 billion in catastrophe losses during October, mostly from damage to homes and autos from Sandy. Travelers Cos. expects $650 million in Sandy-related losses after taxes and insurance recoveries.

AID: The federal government has distributed about $2 billion in aid to the 11 states that were hit by the storm, which made landfall on Oct. 29.