The U.S. property insurance industry has Florida to thank for achieving a record third quarter. Unfortunately, it was a record in losses.
Eight catastrophes, including Hurricanes Charley, Frances, Ivan and Jeanne, contributed to $21.3-billion in insured property loss claims during the period, according to New Jersey-based ISO, formerly known as Insurance Services Office.
That figure compares with $3.7-billion from last year’s third quarter. The previous record was $19.15-billion in the third quarter of 2001, a period that included $18.8-billion in insured losses from the Sept. 11 terrorist attacks.
In addition to the fearsome foursome of hurricanes, four other, lesser catastrophes contributed to losses: Tropical Storm Gaston and three wind and thunderstorm events.
Not surprisingly, hurricane-target Florida by far suffered the most insured losses for the quarter at $17.5-billion. Alabama was No. 2 at $1.2-billion and Georgia third at $445-million.
Was this article valuable?
Here are more articles you may enjoy.
Poorer Americans Dropped Federal Flood Insurance When Rates Rose 
Death at Universal’s Orlando Resort Roller Coaster Ruled Accidental 
Hacking Group ‘ShinyHunters’ Claims Theft of Data From Users of Pornhub 
Court Awards $32 Million Over Premature Baby’s Death at Yale Hospital 
