P/C Carriers Estimated to Pay $1.13B in Catastrophe Losses

Insurance Services Office Inc.’s Property Claim Services (PCS) unit announced on Thursday that property/casualty insurers are expected to pay U.S. businesses and homeowners an estimated $1.13 billion for third-quarter property losses resulting from catastrophes.

Published on October 12, 2007

Six catastrophes in 11 states during the quarter generated 260,000 claims, estimates PCS. Sixty-two percent of the $1.13 billion in property losses affected personal lines, 20% affected commercial lines and 18% involved vehicle losses, PCS said.

This year’s third-quarter results of property loss payouts are down from last year’s third-quarter total of $1.25 billion.

For the first nine months of the year, PCS reported that catastrophes caused approximately $4.7 billion in insured property damage from 997,000 claims nationwide.

Additionally, PCS published its final estimate for Hurricane Katrina, which struck the Gulf Coast in 2005. PCS said Katrina caused approximately $41.1 billion in losses related to nearly 1.75 million reported claims.