The third quarter of 2004 is the insurance industry’s worst ever, with property and casualty insurers’ facing a record $21.3 billion in insured property loss claims from eight catastrophes, according to preliminary estimates by Property Claim Services.

This figure compares with insured losses of $3.7 billion in the third quarter of 2003 and $715 million in the third quarter of 2002. The industry’s previous worst third-quarter property losses were $19.15 billion in 2001, which included $18.8 billion from the Sept. 11 terrorist attacks.

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