Claims News Service, Nov. 7, 01:05 p.m. EST -- Pummeled by Hurricane Katrina and six other natural catastrophes in the third quarter, U.S. property/casualty insurers paid an all-time record $40.8 billion to homeowners and businesses for insured property losses in 14 states, according to preliminary estimates by ISO's Property Claim Services (PCS) unit. The loss tally already makes 2005 the costliest year for catastrophe damage.
The quarter's catastrophe losses compare with the $23.7 billion loss in third-quarter 2004 -- the industry's previous worst third quarter -- and $3.7 billion in third-quarter 2003.
Insured losses during the first nine months of 2005 now stand at $43.8 billion from 19 catastrophic events in 37 states -- the industry's worst nine-month period ever -- compared with $24.7 billion during the same period last year.
PCS estimates the quarter produced nearly 2.3 million claims for damage to personal and commercial property, vehicles, boats and yachts.
At $34.4 billion, Hurricane Katrina was the quarter's costliest event, followed by Hurricanes Rita ($4.7 billion) and Dennis ($1.1 billion).
Louisiana was the hardest-hit state with $25.04 billion in insured losses, followed by Mississippi at $9.9 billion, Texas at $2.2 billion, Alabama at $1.5 billion, and Florida at $1.3 billion.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
