ISO Says Insured Losses Stand at $360M from Early Dec. Winter Storm

December 20, 2002

Insurers are expected to pay homeowners and businesses $360 million for insured-property losses from the winter storm on Dec. 4-5 that blanketed North Carolina and four other states with snow and ice, according to preliminary estimates by Insurance Services Office, Inc.’s (ISO) Property Claim Services (PCS) unit.

So far, insured losses in the quarter stand at $1.3 billion, making it the third-costliest fourth quarter since 1992. The costliest fourth quarter was in 1995, when insured damage totaled $2.63 billion- primarily because of Hurricane Opal, which alone cost $2.1 billion.

Insured losses are greatest in North Carolina at $230 million, followed by South Carolina at $60 million, New York at $40 million, Pennsylvania at $20 million and Virginia at $10 million.

PCS anticipates insurers will receive more than 155,000 claims from residential and commercial policyholders.

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