A total of seven natural catastrophes in the third quarter ofthis year cost the nation's property and casualty insurers anall-time high of $40.8 billion in insured property losses in 14states, according to preliminary estimates by Property ClaimServices. Even before the fourth-quarter figures are tallied, thelosses make 2005 the costliest year ever for catastrophedamage.
The industry's previous worst third quarter occurred just lastyear, with catastrophe losses of $23.7 billion. These figurescompare with third-quarter losses of $3.7 billion in 2003.
Including the third-quarter claims, insured losses during thefirst nine months of 2005 stand at $43.8 billion from 19catastrophic events in 37 states. This represents the industry'sworst nine-month period ever, compared with $24.7 billion duringthe same period last year.
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