U.S. Insurers Post Record Third-Quarter Cats

In the wake of the worst Atlantic hurricane season in recent memory, U.S. insurers have posted record third-quarter catastrophe losses of US$21.3 billion, according to data compiled by the Property Claim Services unit of the Insurance Services Office (ISO).

2001 had previously been the worst third quarter on record, with US$19.5 billion in property losses resulting from the 9/11 terrorist attacks.

For the first nine months of 2004, cat losses are US$24.7 billion, well up from US$10.2 billion in losses for the same period in 2003.

Most of the losses come from the four major hurricanes – Charley, Frances, Ivan and Jeanne – which account for US$20.5 billion in claims.