December Insured Storm Loss $360 Million: ISO
NU Online News Service, Dec. 19, 11:25 a.m. EST? The winter storm that crushed North Carolina and four other states with ice and snow Dec. 4-5 caused estimated insured losses of $360 million, according to Insurance Services Office.
The expected claims payout to homeowners and businesses was calculated by Jersey City-based ISO's Property Claim Services unit.
PCS also reported that this year's fourth-quarter losses now stand at $1.3 billion–the third-costliest fourth quarter since 1992. In 1995, insurers recorded their costliest fourth quarter after Hurricane Opal brought loses to a $2.63 billion level. Opal damage was $2.1 billion.
PCS said the greatest insured losses for the period were in North Carolina at $230 million, followed by South Carolina at $60 million, New York at $40 million, Pennsylvania at $20 million, and Virginia at $10 million.
Insurers will receive more than 155,000 claims from residential and commercial policyholders, PCS estimated.
ISO's PCS unit defines a catastrophe as an event within a particular territory that causes $25 million or more in insured property losses and affects a significant number of property and casualty policyholders and insurers.
PCS said its estimates represent anticipated insured loss on an industrywide basis arising from catastrophes, loss adjustment expense and, reflecting the total net insurance payment for personal and commercial property lines of insurance including business interruption.
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