December Insured Storm Loss $360M
Friday, December 20th, 2002 PropertyThe winter storm that crushed North Carolina and four other states with ice and snow Dec. 4-5 caused estimated insured losses of $360 million, according to Insurance Services Office. The expected claims payout to homeowners and businesses was calculated by Jersey City-based ISO's Property Claim Services unit. PCS also reported that this year's fourth-quarter losses now stand at $1.3 billion--the third-costliest fourth quarter since 1992. In 1995, insurers recorded their costliest fourth quarter after Hurricane Opal brought loses to a $2.63 billion level. Opal damage was $2.1 billion. PCS said the greatest insured losses for the period were in North Carolina at $230 million, followed by South Carolina at $60 million, New York at $40 million, Pennsylvania at $20 million, and Virginia at $10 million.
