Third-quarter insured catastrophe losses for U.S. property-casualty insurers were $971 million–their third-lowest level in 10 years, the Insurance Services Office announced today.
The figures from the Jersey City, N.J.-based ISO's Property Claim Services Unit were reported as the results of seven catastrophes in 20 states. Last year, during the same period, PCS registered a record $48 billion insured loss for the industry.
According to PCS estimates, the seven third-quarter catastrophes resulted in nearly 280,000 claims.
The largest weather catastrophe in the quarter was an outbreak of severe weather in the upper Midwest that caused $280 million insured property damage in four states.
Second in insured-loss magnitude during the period was Tropical Storm Ernesto, with an estimated $245 million in damages.
Most severely affected among the states was Minnesota, with $200 million in losses during the period. It was followed by:
o Missouri, $113 million
o Illinois, $112 million
o New York, $76 million
o New Jersey, $70 million
Since 1998, insured third-quarter losses–with the exception of $315 million in 2000 and $715 million in 2002–have been in the billions.
PCS defines events with $25 million or more in insured property losses that affect a significant number of policyholders and insurers as catastrophes.
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