This year's third quarter U.S. property/casualty insurance losses are expected to drop 98 percent from last year's record amount of $48 billion, according to the Insurance Services Office (ISO).
Carriers are expected to pay homeowners and businesses an estimated $971 million for third-quarter property losses resulting from a total of seven catastrophes in 20 states — the third lowest record amount for a third quarter in the past 10 years, said ISO's Property Claim Services (PCS) unit. PCS estimated that the seven catastrophes of third-quarter 2006 generated nearly 280,000 claims.
PCS said that the costliest event of the period was an outbreak of severe weather across the upper Midwest that caused $280 million of insured property damage in four states. The second costliest event — and the only tropical cyclone — was Tropical Storm Ernesto, which caused an estimated $245 million in insured property damage.
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