It might seem odd to pick a non-event as the most important story of 2006, but after two consecutive years of being hammered by record hurricane losses, property-casualty insurers are more than grateful for the reprieve they received this past season.
Last year at this time, three storms severe enough to make the worst-10 losses of all timeHurricanes Katrina, Rita and Wilmahad combined to drain some $45.2 billion from carrier coffers. In fact, Katrinaat a total insured loss of some $35 billionwas by far the worst single event of all time.
All this came on top of 2004s grand slam of hurricane losses, when four major storms hit the U.S. mainland in just 90 days, leaving behind at least $20 billion in insured claims.
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