U.S. property/casualty insurers will pay homeowners and businesses $315 million for insured catastrophe losses – the lowest third-quarter amount in 11 years beginning 1990, estimates Insurance Services Office, Inc.’s (ISO) Property Claim Services (PCS) unit.
For the first nine months of the 11 years beginning 1990, this year ranks eighth in total losses, ninth in number of claims and last in number of catastrophes. The current quarter’s $315 million in losses from three catastrophic events compare with $2.1 billion in losses from seven events in third-quarter 1999. The highest-ever third-quarter catastrophe losses were in 1992, when Hurricanes Andrew, Iniki and six other events caused $17.4 billion in insured property damage from more than 1 million claims.
The three catastrophic events in the third quarter affected 12 states, primarily in the Midwest. The worst catastrophe loss was $150 million from a thunderstorm-related event in the upper Midwest in early July. Five states sustained most of the losses in the quarter: Minnesota – $105 million; Wisconsin – $50 million; Ohio – $45 million; Michigan – $40 million; and Illinois – $16 million.
The following is a recap of third-quarter catastrophic activities since 1990:
Total Losses ($)
# of Claims
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