A total of seven natural catastrophes in the third quarter of this year cost the nation's property and casualty insurers an all-time high of $40.8 billion in insured property losses in 14 states, according to preliminary estimates by Property Claim Services. Even before the fourth-quarter figures are tallied, the losses make 2005 the costliest year ever for catastrophe damage.
The industry's previous worst third quarter occurred just last year, with catastrophe losses of $23.7 billion. These figures compare with third-quarter losses of $3.7 billion in 2003.
Including the third-quarter claims, insured losses during the first nine months of 2005 stand at $43.8 billion from 19 catastrophic events in 37 states. This represents the industry's worst nine-month period ever, compared with $24.7 billion during the same period last year.
Recommended For You
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
© 2025 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.
