Wilma coaxes CAT losses to record levels

The total insured property losses for 2005 are estimated at a record US$50.3 billion, a figure that the Insurance Services Office Inc.’s Property Claims Services (PCS) ivision recently reported was bolstered by the US$6.1 billion in insured property damage incurred as a result of Hurricane Wilma.
Approximately 750,000 claims are expected to be received in relation to Wilma, which caused the most destruction in Dade, Broward and Palm Beach counties in Florida.
PCS says that 2005 catastrophe losses will likely continue climbing as additional claims from the Hurricanes Katrina, Rita and Wilma are filed.
“Additional winter storms through the end of the year could drive this year’s catastrophe losses even higher,” PCS says.
Hurricane season officially ends on Wednesday, November 30.