U.S. property-casualty insurers sustained a record $56.8 billion in insured property losses from 24 catastrophic events last year–more than double the previous high of $27.3 billion, when a "grand slam" of four major hurricanes hit in 2004.
Last year, five hurricanes–Katrina, Wilma, Rita, Ophelia and Dennis–accounted for $52.7 billion, or nearly 93 percent of 2005′s insured losses, affecting nine states, according to preliminary estimates from the Property Claims Services unit of the Insurance Services Office.
In addition to Katrina's individual event record of $38.1 billion in insured losses, PCS said the figures for the other storms were: Wilma, $8.4 billion; Rita, $5 billion; Dennis, $1.2 billion; and Ophelia $35 million.
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