Payout is the fourth largest Q3 loss since 1998, says ISO’s property claims service
Third quarter property losses for US property and casualty insurers have leapt to $11.5bn, according to statistics from ISO.
The payouts are the result of 11 catastrophes in 22 states and mark the fourth largest Q3 insured property loss since 1998.
The ISO’s property claim services (PCS) unit estimated that the 11 catastrophes of Q3 2008 generated 1.7m claims. Of the 11 catastrophes, six were caused by severe weather and five were caused by tropical systems.
‘These figures show that tropical systems can reach well inland and inflict extensive property damage—a fact that is often overlooked,’ said Gary Kerney, assistant vice president, PCS.
‘Although the current estimates of insured property damage are not record-setting, the frequency of events continues a trend that has occurred all year: a high number of events coupled with significant insured losses,’ added Kerney.
In a statement released with the results PCS said: ‘In the first three quarters of 2008, the US witnessed 36 catastrophes causing an estimated $22.1bn of insured property damage. 356,000 commercial lines claims cost an estimated $5.4bn.’