Claims News Service, Nov. 28, 11:45 a.m. EST -- U.S. property/casualty insurers are expected to pay an estimated $6.1 billion to Florida policyholders for insured property losses from Hurricane Wilma, pushing year-to-date catastrophe losses to $50.3 billion -- an all-time record, according to preliminary analysis by ISO's Property Claim Services (PCS) unit.
The year's three most devastating hurricanes -- Katrina, Rita, and Wilma -- account for $45.2 billion, or 90 percent, of the total catastrophe loss from 22 events.
Insurers expect 750,000 claims from policyholders for damage to personal and commercial property, automobiles, and boats and yachts. PCS estimates claims from owners of boats and other recreational vessels will be around $125 million.
The hurricane season this year -- the most active ever with13 named hurricanes -- officially ends Nov. 30. But 2005 catastrophe losses are likely to climb with additional claims expected for Katrina, Rita and Wilma. Additional winter storms through the end of the year could drive this year's catastrophe losses even higher, according to PCS.
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