3rd Qtr CAT Losses Reach $675M
Thursday, October 24th, 2002 Catastrophe PropertyInsurers are expected to pay $675 million to homeowners and businesses for insured-property losses from six catastrophic events in the third quarter of this year, according to preliminary estimates by the Insurance Services Office, Inc.'s (ISO) Property Claim Services (PCS) unit. This brings catastrophe losses to $3.7 billion for the first nine months of 2002. Six events in 18 states ranging from Arizona to New York generated nearly 260,000 claims for damage to personal and commercial property and motor vehicles, ISO said. Indiana topped the list for insured-property damage ($150 million), followed by Wyoming ($98 million), Louisiana ($95 million), Arizona ($75 million) and Virginia ($50 million). Catastrophe losses in the quarter were relatively low because there were fewer tornadoes as recorded by the National Weather Service —196 compared with 273 last year, 247 in 2000 and 237 in 1999.
