Last year was the fifth most expensive on record for U.S. property/casualty insurers, who will pay $8.2 billion to homeowners and businesses for insured property losses from 27 catastrophic events, according to Property Claim Services, in Rahway, N.J.
The industry's 1999 catastrophe loss total was not significantly affected by fourth-quarter catastrophe losses of $265 million, nearly 50 percent less than the $480 million in catastrophe losses posted for the same period in 1998. The last three months of 1999 saw two major events: Hurricane Irene, which caused $100 million of insured losses in Florida only; and Hurricane Lenny, which cost insurers $165 million in Puerto Rico and the U.S. Virgin Islands.
