Erie Group Reports $25M Preliminary Loss Estimate from Recent Storms

The Erie Insurance Group announced that it has received loss notification from approximately 6,600 policyholders as a result of severe ice, snow and flooding Feb. 14-18 and Feb. 21-23, 2003. The Pennsylvania-based company gave preliminary loss estimates of around $25 million.

“Erie Indemnity Company, the management company for the Erie Insurance Group, will incur pre tax losses in its underwriting operations of approximately $1.4 million,” said the company. “The storm losses equate to approximately $0.01 per share, after taxes.”