Thursday 22 March 2012

Church Mutual Pays Storm Claims

Posted at 6:26 AM

Church Mutual insurance company in Merrill that covers churches and religious groups said its storm-related damage claims last year were the second-highest in three decades. And because of that, Church Mutual Insurance said it lost 28-and-a-half million dollars in 2011.

The firm paid almost 39-thousand damage claims which totaled 430-million dollars. Of those, just over 430 were major claims of 150-thousand dollars or more. C-E-O Mike Ravn said Church Mutual was hardly alone among insurers in losing money. He said last year had the second-most catastrophic losses in the past 30 years.+

In 2005, when Hurricanes Katrina and Rita hit, was the only year with more damage. But the firm said it surpassed 550-million-dollars in direct premiums for the seventh straight year – and its corporate assets and surplus for policy-holders were both the fourth-highest in Church Mutual’s 115-year history.

 

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