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.
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