Claims News Service, Nov. 7, 01:05 p.m. EST -- Pummeled byHurricane Katrina and six other natural catastrophes in the thirdquarter, U.S. property/casualty insurers paid an all-time record$40.8 billion to homeowners and businesses for insured propertylosses in 14 states, according to preliminary estimates by ISO'sProperty Claim Services (PCS) unit. The loss tally already makes2005 the costliest year for catastrophe damage.

|

The quarter's catastrophe losses compare with the $23.7 billionloss in third-quarter 2004 -- the industry's previous worst thirdquarter -- and $3.7 billion in third-quarter 2003.

|

Insured losses during the first nine months of 2005 now stand at$43.8 billion from 19 catastrophic events in 37 states -- theindustry's worst nine-month period ever -- compared with $24.7billion during the same period last year.

|

PCS estimates the quarter produced nearly 2.3 million claims fordamage to personal and commercial property, vehicles, boats andyachts.

|

At $34.4 billion, Hurricane Katrina was the quarter's costliestevent, followed by Hurricanes Rita ($4.7 billion) and Dennis ($1.1billion).

|

Louisiana was the hardest-hit state with $25.04 billion ininsured losses, followed by Mississippi at $9.9 billion, Texas at$2.2 billion, Alabama at $1.5 billion, and Florida at $1.3billion.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 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.