U.S. property-casualty insurers will likely pay around $11.5 billion to homeowners and businesses due to third-quarter property losses from catastrophes, ISO's Property Claim Services Unit (PCS) said. In total, the catastrophes generated 1.7 million claims, PCS estimated.
The quarter saw a total of 11 catastrophes affecting 22 states, PCS said. The $11.5 billion represents the fourth-largest insured property loss in a third quarter since 1998.
The figure does not come close to the $48.4 billion in similar losses for 2005, and is also well behind the $23.7 billion from 2004, but the 11-catastrophe total tops both of those years, and every other year going back to 1998, in terms of frequency, according to PCS numbers.
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