Storms Bring Record Losses to Industry

The property insurance industry sustained record third-quarter losses this year after a series of storms, including a string of hurricanes, according to a preliminary estimate from Jersey City, N.J.-based Insurance Services Office Inc.

Eight catastrophes, including hurricanes Charley, Frances, Ivan and Jeanne, contributed to $21.3 billion in insured property loss claims.

That figure contrasts with $3.7 billion from last year’s third quarter, and $19.15 billion in the third-quarter of 2001 -- the previous record, which included $18.8 billion in insured property losses from the 9/11 attacks.

This year’s four major hurricanes together accounted for an estimated $20.5 billion -- just over the $20.3 billion loss caused by Hurricane Andrew in 1992, in inflation-adjusted terms, ISO spokesman Dave Dasgupta said.