Insurers' 2008 catastrophe bill tops $25b
NEW YORK (Reuters) - US property-casualty insurers are expected to pay more than $25 billion in claims from homes and businesses damaged by a string of catastrophes in 2008, according to a trade group.
ISO's property claim services unit yesterday said preliminary data showed that 37 catastrophes — from tornadoes to hurricanes — would cost US insurers an estimated $25.2 billion. The number of US natural disasters make it the most active year in a decade, said ISO.
Companies to already report losses from catastrophes last year include Allstate, Travelers Cos Inc and Chubb Corp, mostly from Hurricanes Gustav and Ike, which caused extensive damage.
Losses from hurricanes accounted for more than half the year's total, currently estimated at about $13.3 billion, said the group. Winter storms resulted in more than $1 billion in losses, according to the data.
In total, 40 states sustained losses from catastrophes, covering a wide geographic area. The five states with the greatest insured losses were Texas, Louisiana, Minnesota, Ohio and Georgia.