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Insurers Pay Record Amount of Catastrophe Claims in 2005

Claims News Service, Jan.27, 9:25 a.m. EST -- The final tally is in: U.S. property/casualty insurers are expected to pay homeowners and businesses a record $56.8 billion for 2005 insured property

By Staff Writer | Updated on January 27, 2006

Claims News Service, Jan.27, 9:25 a.m. EST — The final tally is in: U.S. property/casualty insurers are expected to pay homeowners and businesses a record $56.8 billion for 2005 insured property losses from 24 catastrophic events. That’s more than twice the prior record set in 2004, when insurers paid $27.3 billion in catastrophe claims, according to ISO’s Property Claim Services unit.

The organization also reports that policyholders in 39 states filed more than four million personal and commercial property and automobile claims. Five states accounted for more than 80 percent of those claims and almost half the dollar loss. Unsurprisingly, they are:

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