ISO Puts Frances Losses At $4.4 Billion

ISO Puts Frances Losses At $4.4 Billion

By Steve Tuckey

NU Online News Service, Sept. 23, 4:17 p.m. EDT?Homeowners and businesses are expected to file claims totaling an estimated $4.4 billion for insured property losses from Hurricane Frances, according to preliminary estimates by Property Claims Services.[@@]

PCS, a unit of the Jersey City-based Insurance Services Office, said Florida accounted for $4.1 billion of Frances insured property losses and more than 500,000 claims. The storm hit the state Sept. 5.

Insurance industry officials estimate another 52,000 claims will be filed in connection with the storm in Georgia, the Carolinas and New York.

So far, the major property insurers in the state?Allstate, State Farm and Nationwide?have declined to file dollar loss estimates as they did after Hurricane Charley, which hit Florida Aug. 13 and caused an estimated $6.8 billion in insured losses, according to the PCS.

"In the case of Frances, it was pretty widespread, not only in Florida but also in Georgia, the Carolinas and New York. So that is one mitigating factor in getting a reliable estimate," said ISO spokesperson Dave Dasgupta.

Initial model loss estimates from Hurricane Ivan, which hit the Gulf Coast on Sept. 16, have been put at $3 billion to $6 billion.

Meanwhile, meteorologists and insurance officials are keeping a wary eye more than 400 miles east of Florida where Hurricane Jeanne is packing 105 mph winds. The hurricane is headed toward the state and expected to make landfall sometime this weekend.