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Estimate of Insured Losses From Hurricane Isabel is $1 Billion

The initial estimate of insured losses due to Hurricane Isabel is $1 billion according to the Insurance Information Institute (III). While that's not small change,...
September 23, 2003

The initial estimate of insured losses due to Hurricane Isabel is $1 billion according to the Insurance Information Institute (III). While that's not small change, Isabel is unlikely to rank high among the most costly storms in U.S. history. Isabel swept across North Carolina and Virginia, and caused significant flooding in the District of Columbia, Pennsylvania and western New York. Hurricane Floyd, the last major storm to hit North Carolina caused approximately $2 billion in insured property losses.A series of tornadoes in the Midwest this spring are estimated to have cost insurers approximately $3.13 billion. III says that the industry's total catastrophe losses for 2003 may be as high as $8.6 billion, considerably higher than the $5.8 billion last year and the $7.4 billion for 2001 (excluding the terrorist attacks on the World Trade Center and the Pentagon).

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