Catastrophes caused an estimated $12.8 billion in insured property damage last year, according to the Insurance Services Office Inc.’s Property Claim Services unit. That made 2003 the third-costliest year of the past decade in terms of catastrophe losses, according to Jersey City, N.J.-based PCS. Last year’s total included losses from the costliest fourth quarter in 10 years, representing an estimated $2.64 billion in insured losses, most of which stemmed from two California wildfires.
PCS reports that 21 catastrophic events occurred in 2003. PCS defines a catastrophe as an event within a particular territory that causes at least $25 million in insured property losses and that affects a significant number of policyholders and insurers.
