2002 Prop CAT Losses At $5.8 Billion
Thursday, February 13th, 2003 Catastrophe PropertyInsured property damage from catastrophes last year will total about $5.8 billion, according to preliminary estimates released by the Insurance Services Office Inc.‘s Property Claim Services unit on Thursday. That makes 2002‘s total the lowest in the last 10 years, although ISO cautions that the final figure could change, because PCS is resurveying its estimates for several catastrophes. According to PCS, 25 catastrophes—which PCS defines as events that cause at least $25 million in insured property damage and that affect a significant number of insurers and policyholders—occurred last year, generating about 1.8 million claims. In contrast, the average annual number of catastrophes over the past 10 years is 32, generating $11.5 billion in total insured property damage.
