If current projections prove correct, U.S. P&C insurers will be digging deep in their pockets to pay third-quarter catastrophe losses. According to a preliminary analysis by ISO’s Property Claim Services (PCS) unit, insurers will dole out an estimated $11.5 billion to homeowners and businesses to cover third-quarter property losses. The losses stem from a total of 11 catastrophes in 22 states, which represents the fourth largest insured property loss in a third quarter since 1998.

PCS estimates the 11 catastrophes of third-quarter 2008 generated 1.7 million claims. Of the 11 catastrophes, six were caused by severe weather — wind, hail, tornadoes, and flooding. Five resulted from tropical systems.

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