Business Services Industry
Insured cat losses reach $56.8 billion in 2005, ISO estimates.(News)(Brief Article)
Business Insurance, January, 2006 by Hofmann, Mark A.
Byline: Mark A. Hofmann JERSEY CITY, N.J.-U.S. property/casualty insurers will pay an estimated $56.8 billion in insured property losses from catastrophes in 2005, according to the Insurance Services Office Inc.'s Property Claim Services unit. That total is more than double 2004's record figure of $27.3 billion in insured property losses from catastrophes, PCS said.
PCS recorded 24 catastrophic events in 2005, but five hurricanes caused $52.7 billion-or almost 93%-of the total. PCS estimates that $38.1 billion of those storm losses came from Hurricane Katrina alone. Although policyholders in 39 states filed more than 4 million personal, commercial property and automobile claims stemming from catastrophes, those in five states accounted for more than 80% of...
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