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Q3 Insured Catastrophe Losses Take a Big Jump

Insurers are expected to pay $2.9 billion to homeowners and businesses for insured property losses from seven catastrophic events in the third quarter of this...
October 28, 2003

Insurers are expected to pay $2.9 billion to homeowners and businesses for insured property losses from seven catastrophic events in the third quarter of this year - up more than 300 percent from the year-ago period - according to current estimates by Insurance Services Office, Inc.'s (ISO) Property Claim Services (PCS) unit. Third-quarter 2002 catastrophe losses totaled $715 million. The seven catastrophic events in the third quarter were: hurricanes Claudette and Isabel, four wind and thunderstorm events and the widespread power outage during mid-August.
 
At $1.17 billion, Hurricane Isabel topped the list for this quarter's insured losses, followed by an estimated $815 million in damages from the severe thunderstorms that struck 14 southern and eastern states in late July. The power outage caused $75 million in property damage. More

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