Search
 

Cat Losses Doubled In 2005

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

By staff Writer | Updated on February 05, 2006

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.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 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.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.