Insurers Total Claim Activity From Isabel

Wednesday, September 24th, 2003 Catastrophe Property

Insurer trade groups, modeling firms and affected insurance companies, calculating the insured loss from Hurricane Isabel, said estimates within the $1 billion range appear to be accurate. “Isabel will fall generally within the range of catastrophic risk that insurers anticipated and built into insurance premiums,” said Bob Hartwig, chief economist at Insurance Information Institute in New York. Catastrophe modeling firm Risk Management Solutions Inc., based in Newark, Calif., estimates $600 million in wind claims and a total for all insured Isabel-related losses--including flood--of $1 billion. “This storm had a very broad wind field with a large area of low-level damage,” said Michael Drayton, head of climate hazards at RMS.

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http://www.nationalunderwriter.com/pandc/hotnews/viewPC.asp?article=9_24_03_11_10389.xml&src=5

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