Insurers to Pay $3.25 Billion on 2nd Qtr CAT Clms

Monday, January 15th, 2001 Catastrophe Risk Management

The U.S. property/casualty insurance industry will pay an estimated $3.25 billion to homeowners and businesses for insured property losses from 13 catastrophic events in the second quarter, according to Insurance Services Office, Inc.'s (ISO) Property Claim Services (PCS) unit. That compares with the $4.5 billion in catastrophe claims from 16 events in the second quarter of last year. Payments to policyholders for this year's first half will total almost $5.1 billion on approximately 2.1 million claims for 18 catastrophic events. That's nearly $460 million less than the $5.5 billion in losses in the year-ago period. For all of 1998, the industry sustained $10.1 billion in catastrophe losses.

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http://www.iso.com/press_releases/1999/07_07_99.html

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