Insurance Services Office said that insurers' third-quarter losses of $40.8 billion were an all-time record and had made this the costliest year for catastrophes.

The Jersey City, N.J.-based risk management products firm cited figures from its Property Claim Services unit.

According to preliminary PCS estimates, Hurricane Katrina and six other natural catastrophes in the period led U.S. property-casualty insurers to pay a record $40.8 billion to homeowners and businesses for insured property losses in 14 states, making 2005 the costliest year for catastrophe damage.

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