4th quarter cat losses reach ten-year high.(National Report)

Claims, February, 2004

Although 2003 was the third costliest year for catastrophe losses in the past decade, the fourth quarter's $2.64 billion loss from five events was the highest during the same period, according to estimates by Property Claim Services.

During the last three months of 2003, two California wildfires caused insured losses of $2.03 billion. Other losses incurred during the quarter include $610 million in losses from three wind and thunderstorm events in 27 states.

For the year, United States property and casualty insurers paid $12.8 billion to homeowners and businesses for insured property losses from 21 catastrophic events. That figure is exceeded only by $28.1 billion in losses in 2001 and $17 billion in 1994.

Policyholders in 39 states filed...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.