ISO: 3Q Property CAT Losses $21.3 B
NU Online News Service, Nov. 2, 3:55 p.m. EST?The insurance industry suffered record third-quarter property catastrophe losses, exceeding those of 2001, the Insurance Services Office said today.[@@]
The property-casualty industry recorded $21.3 billion in property loss claims from eight catastrophes in the third quarter of this year, compared to $19.15 billion incurred in the quarter that included the Sept. 11 attacks three years ago. The number from 2001, however, did not include liability coverage, workers' compensation, aviation, or life and health insurance.
Catastrophe losses for the first nine months of 2001 now stand at $24.7 billion, the second-worst nine-month period for catastrophe losses since 2001, when insurers paid $26.1 billion in property loss claims. The industry's insured losses for the first nine months last year were $10.2 billion, ISO said.
In addition to the four named hurricanes? Charley, Frances, Ivan and Jeanne?there was Tropical Storm Gaston and three wind and thunderstorms in the quarter.
Florida was hit the hardest, incurring $17.5 billion in insured losses on nearly 1.7 million claims, followed by Alabama ($1.25 billion), Georgia ($630 million) and Pennsylvania ($445 million).
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 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.