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This year’s third quarter U.S. property/casualty insurance losses are expected to drop 98 percent from last year’s record amount of $48 billion, according to the Insurance Services Office (ISO).

Carriers are expected to pay homeowners and businesses an estimated $971 million for third-quarter property losses resulting from a total of seven catastrophes in 20 states — the third lowest record amount for a third quarter in the past 10 years, said ISO’s Property Claim Services (PCS) unit. PCS estimated that the seven catastrophes of third-quarter 2006 generated nearly 280,000 claims.

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