Preliminary analysis by ISO’s Property Claim Services Unit (PCS) reveals that U.S. property/casualty insurers are expected to pay homeowners and businesses $25.2 billion for 2008 property losses from 37 catastrophes—the fourth-highest cost and highest frequency in a decade.
Insurers paid 3.9 million claims for damage in 40 states as a result of 37 catastrophes in 2008, PCS estimates. ISO says more than 2.7 million personal lines claims accounted for 64% of the $25.2 billion loss, while 340,000 commercial lines claims accounted for 27% of the total loss and 876,000 vehicle losses accounted for 9%.
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