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If current projections prove accurate, U.S. P&C insurers will be digging deep into 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.

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