Q3 Catastrophe Losses

Hot off the press, ISO’s Property Claim Services (PCS) unit has reported that U.S. property/casualty insurers are expected to pay out $11.5 billion for third-quarter property losses resulting from a total of 11 catastrophes in 22 states – the fourth-largest insured property loss in a third quarter since 1998. PCS estimates the 11 catastrophes of Q3 2008 generated 1.7 million claims. Five of the 11 catastrophes were caused by tropical systems and six by severe weather (wind, hail, tornadoes, and flooding). The 22 affected states ranged from New Mexico to North Dakota to Virginia. To-date the five states with the greatest insured losses are Texas ($6.4 billion), Louisiana ($1.9 billion), Ohio ($1.2 billion), Kentucky ($0.4 billion), and Illinois ($0.37 billion). A fact often overlooked  but reflected in these figures is that tropical systems can reach well inland and inflict extensive property damage, according to Gary Kerney, assistance vice president, PCS. Through the first three quarters of 2008, insured catastrophe losses reached $22.1 billion from 36 catastrophes. Check out further I.I.I. facts and stats on U.S. catastrophes.  Ã‚  


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