Claims News Service, Nov. 1, 11:50 a.m. EST -- U.S. property/casualty insurers will pay an estimated $4.7 billion for insured property losses to residential and commercial policyholders affected by Hurricane Rita, according to preliminary analysis by ISO's Property Claim Services (PCS) unit.
Rita hit homes and businesses hard in seven states, though not as severely as initially feared. Louisiana sustained the highest losses -- $2.4 billion, which accounts for nearly half the catastrophe's total price tag. Texas came second with $2.2 billion in losses.
Insurers expect more than 400,000 claims from policyholders in the affected states for damage to personal and commercial property, automobiles, and boats and yachts.
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