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JimLakes (Jimlakes)
| | Posted on Thursday, November 02, 2000 - 6:44 pm: | |
Ladies and Guys:
I thought that I would share this with you all since we all need more work.
CATASTROPHE LOSSES LOWEST IN 11 YEARS
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 in 1990, this year ranks eighth in total losses, ninth in the 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.Insurers' catastrophe losses through the first nine months of this year totaled $3.48 billion, down from $8.06 billion in nine-months of 1999, and $9.59 billion in the corresponding 1998 period.
For the first nine months of this year, insurers received more than 1.2 million personal and commercial property, and auto damage claims. That compares with 2.4 million claims — twice as many —as the year before.
The following is a recap of third-quarter catastrophic activities since 1990:ISO's PCS unit defines a catastrophe as an event that causes $25 million or more in insured property losses and affects a significant number of property/casualty policyholders and insurers. The PCS estimate represents anticipated insured losses on an industry wide basis arising from catastrophes, reflecting the total net insurance payment for personal and commercial property lines of insurance covering fixed property, personal property, vehicles, boats, related property items, business interruption and additional living expenses. The estimates exclude loss-adjustment expenses.
This means us. Keep the faith, and it will come.
Jim Lakes
National Catastrophe Director
RAC Adjustments, Inc.
630.724.1300 |
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