The third quarter of 2004 is the insurance industry's worst ever, with property and casualty insurers' facing a record $21.3 billion in insured property loss claims from eight catastrophes, according to preliminary estimates by Property Claim Services.
This figure compares with insured losses of $3.7 billion in the third quarter of 2003 and $715 million in the third quarter of 2002. The industry's previous worst third-quarter property losses were $19.15 billion in 2001, which included $18.8 billion from the Sept. 11 terrorist attacks.
Catastrophe losses for the first nine months of 2004 now stand at $24.7 billion, the second worst nine-month period for catastrophe losses since 2001, which cost insurers $26.1 billion. The industry's insured losses for the first nine months of last year were $10.2 billion.
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