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Fewer Catastrophes Impact Insurers in Q3

A.M. Best reports that third quarter catastrophe damage estimates from some publicly traded property and casualty insurers have declined due to fewer disasters...
November 14, 2013

A.M. Best reports that third quarter catastrophe damage estimates from some publicly traded property and casualty insurers have declined due to fewer disasters. The third quarter is the height of the hurricane season, but only one storm has made landfall in the United States – Hurricane Isaac – and only caused an estimated $1.5 billion in damages. A.M. Best Senior Financial Analyst Raymond Thomson said, “There was some hail and some tornadoes but Isaac was the main event for the quarter.” Although the hurricane season has been active, AIR Worldwide Senior Vice President of Research and Modeling Jayanta Guin said the United States has been lucky. He cautioned that one catastrophe that continues to develop has been crop losses related to the drought that could total between $13 billion and $20 billion.

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