ISO Sees ’01 CAT Loss As $24 Billion

Catastrophe claim losses for U.S. property-casualty insurers hit a record $24 billion in 2001, according to a preliminary estimate by Property Claim Services.

The figure tops previous highs of $15.5 billion set by Hurricane Andrew in 1992 and $12.5 billion set by the 1994 Northridge earthquake.

PCS, a unit of Insurance Services Office, Inc. in Jersey City, N.J., said the 20 events in 2001 were the lowest number of catastrophes for any year since 1969, but the year topped the list for insured-property damage.

The number 2001-related claims year-to-date was 1.5 million, PCS said.

PCS said the dollar amount of loss and number of claims from the September 11 terrorist attack in New York City and at the Pentagon is still an uncertain figure.