Isabel Loss Estimate Jumps To $1.17B
Friday, October 3rd, 2003 Catastrophe PropertyLoss estimates from Hurricane Isabel are increasing over initial projections of $1 billion, according to insurer data organizations and individual insurer estimates. Jersey City, N.J.-based Insurance Services Office‘s Property Claim Services Unit said in a statement that insurers are expected to pay about $1.17 billion in losses related to the Sept. 18-19 storm that struck several Middle Atlantic states. Total anticipated claims are 458,000, according to ISO. Previous estimates by New York-based Insurance Information Institute and Newark, Calif.-based Risk Management Solutions, Inc. were $1 billion in insured losses. ISO spokesperson Dave Dasgupta explained that the PCS estimate is based on a survey of actual claims that have been received by insurers, and then making a projection of the total losses that will have to be paid.
