U.S. experiences most expensive Q3 property losses in a decade

U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated US$11.5 billion for Q3 property losses, marking the fourth-largest insured property loss in a Q3 since 1998, according to ISO’s Property Claims Services.PCS estimates the 11 catastrophes of Q3 2008 generated 1.7 million claims. Of the 11 catastrophes, six were caused by severe weather (wind, hail, tornadoes and flooding), a PCS release says.”Although the current estimates of insured property damage are not record-setting, the frequency of events continues a trend that has occurred all year: a high number of events coupled with significant insured losses,” said Gary Kerney, assistant vice president, PCS.Through the first three quarters of 2008, PCS has declared 36 catastrophes. Those catastrophes have caused an estimated US$22.1 billion of insured property damage and resulted in approximately 3.7 million claims, the release continues. An estimated 2.5 million personal lines claims accounted for US$14.5 billion of property damage, while 356,000 commercial lines claims cost an estimated US$5.4 billion, and 840,000 vehicle claims cost insurers US$2.2 billion.