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Claims for 2008 Catastrophes To Cost $25.2 Billion

Claims News Service, Jan. 22, 8:04 a.m. EST -- The property losses sustained this past year from 37 catastrophes -- the highest frequency in a decade -- will likely cost U.S. P&C insurers billions of

By Christina Bramlet | Updated on January 22, 2009

Claims News Service, Jan. 22, 8:04 a.m. EST — The property losses sustained this past year from 37 catastrophes — the highest frequency in a decade — will likely cost U.S. P&C insurers billions of dollars. Indeed, a preliminary analysis conducted by ISO’s Property Claim Services Unit (PCS) predicts that P&C insurers will shell out $25.2 billion to homeowners and businesses for 2008 catastrophe losses. This figure represents the fourth highest cost in decade.

PCS estimates that insurers paid 3.9 million claims for damages in 40 states resulting from 2008′s 37 catastrophes. More than 2.7 million personal lines claims accounted for 64 percent of the $25.2 billion loss, while claims relating to 340,000 commercial lines accounted for 27 percent of the total loss. The remaining 9 percent of total property losses related to 876,000 vehicle losses.

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