CUNA Mutual Wracks Up HurricaneLosses
MADISON, Wis. - (10/10/05) -- CUNA Mutual Group said Friday itexpects to report losses of as much as $15 million from hurricanesKatrina and Rita, after accounting for reinsurance to pay for someof the damages. CUNA Mutual staff and adjusters continued over theweekend to work to assess and respond to the needs of insuredcredit unions and their members in the affected areas in an effortto expedite payments. The credit union insurer said it expectslosses of about $23 million for Hurricane Katrina, which damaged257 locations at 116 credit unions. Damages for Hurricane Rita wereestimated at $4 million at 67 locations for 33 credit unions. Thedamages for the two storms were offset by $12 million inreinsurance, CUNA Mutual told The Credit Union Journal.