NEW YORK, Nov 7: US property and casualty insurers paid an all-time record $40.8 billion to homeowners and businesses for losses in 14 states during the third quarter, according to ISO’s Property Claim Services, making 2005 already the costliest year for catastrophe damage.
Pummelled by Hurricane Katrina and six other natural catastrophes in the third quarter, catastrophe losses are nearly double the $23.7 billion loss in third-quarter of 2004 — the industry’s previous worst third quarter, the ISO said.
Insured losses during the first nine months of 2005 now stand at $43.8 billion from 19 catastrophic events in 37 states - the industry’s worst nine-month period ever - compared with $24.7 billion during the same period last year.
ISO, which provides products and services that help measure, manage and reduce risk, estimated the quarter produced nearly 2.3 million claims for damage to personal and commercial property, vehicles, boats and yachts.
