US P&C insurers estimated to pay out $11.5bn in Q3 property losses
US property/casualty insurers are expected to pay homeowners and businesses an estimated $11.5bn for third-quarter property losses resulting from a total of 11 catastrophes in 22 states — the fourth-largest insured property loss in a third quarter since 1998, according to preliminary analysis by ISO’s Property Claim Services unit.
PCS estimates the 11 catastrophes of third-quarter 2008 generated 1.7m claims. Of the 11 catastrophes, six were caused by severe weather and five were caused by tropical systems. The 22 affected
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