U.S. property-casualty insurers will pay homeowners and businesses $315 million for insured catastrophe losses in the third quarter—the lowest third-quarter amount since 1990, according to estimates by the Property Claim Services unit of the Insurance Services Office Inc.
For the first nine months of the 11 years beginning 1990, this year ranks eighth in total losses, ninth in number of claims and last in number of catastrophes, New York-based ISO said.
The current quarter's $315 million in losses from three catastrophic events compare with $2.1 billion in losses from seven events in third-quarter 1999.
The highest-ever third-quarter catastrophe losses were in 1992, when Hurricanes Andrew, Iniki and six other events caused $17.4 billion in insured property damage from more than one million claims.
