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.
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