ISO: 3Q Property CAT Losses $21.3 B

ISO: 3Q Property CAT Losses $21.3 B

NU Online News Service, Nov. 2, 3:55 p.m. EST?The insurance industry suffered record third-quarter property catastrophe losses, exceeding those of 2001, the Insurance Services Office said today.[@@]

The property-casualty industry recorded $21.3 billion in property loss claims from eight catastrophes in the third quarter of this year, compared to $19.15 billion incurred in the quarter that included the Sept. 11 attacks three years ago. The number from 2001, however, did not include liability coverage, workers' compensation, aviation, or life and health insurance.

Catastrophe losses for the first nine months of 2001 now stand at $24.7 billion, the second-worst nine-month period for catastrophe losses since 2001, when insurers paid $26.1 billion in property loss claims. The industry's insured losses for the first nine months last year were $10.2 billion, ISO said.

In addition to the four named hurricanes? Charley, Frances, Ivan and Jeanne?there was Tropical Storm Gaston and three wind and thunderstorms in the quarter.

Florida was hit the hardest, incurring $17.5 billion in insured losses on nearly 1.7 million claims, followed by Alabama ($1.25 billion), Georgia ($630 million) and Pennsylvania ($445 million).