Up To $15M In Losses Expected

CUNA Mutual Group said Friday it expects to report losses of as much as $15 million from hurricanes Katrina and Rita, after accounting for reinsurance to pay for some of the damages. CUNA Mutual staff and adjusters continued over the weekend to work to assess and respond to the needs of insured credit unions and their members in the affected areas in an effort to expedite payments. The credit union insurer said it expects losses of about $23 million for Hurricane Katrina, which damaged 257 locations at 116 credit unions. Damages for Hurricane Rita were estimated at $4 million at 67 locations for 33 credit unions. The damages for the two storms were offset by $12 million in reinsurance, CUNA Mutual told The Credit Union Journal.