Q3 2005 P/C losses hit record levels
Pummelled by Hurricane Katrina and six other natural catastrophes in the third quarter, US property/casualty insurers paid an all-time record $40.8bn to homeowners and businesses for insured property losses in 14 states, according to preliminary estimates by ISO's Property Claim Services (PCS) unit. The loss tally already makes 2005 the costliest year for catastrophe damage.
The quarter's catastrophe losses compare with the $23.7bn loss in third-quarter 2004 the industry's previous worst third quarter and $3.7bn in third-quarter 2003. Insured losses during the first nineOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Reinsurance
Stanford replaces Thaker as Sompo UK CEO
Aspen UK CEO Sarah Stanford will lead all of Sompo UK’s property and casualty insurance operations, replacing outgoing CEO Bob Thaker.
Q&A: Andy Wright, Resnova
Andy Wright, co-founder of a new consultancy firm, Resnova, speaks to Insurance Post about his time at Tesla and Zego, why he wanted to set up a consultancy firm, and why he thinks the next wave of insurtech funding could be coming from China and the Middle East.
M&A brings down reinsurance costs for UK insurers
The 1 January reinsurance renewals saw widespread price reductions as supply exceeded demand, including in the UK where recent M&A activity meant less reinsurance was purchased.
Throwback Thursday: Howden saves insurers millions
Insurance Post’s Throwback Thursday steps back in time to November 1975 to remind you what was going on this week in insurance history when Alexander Howden, the brokerage created by CEO of Howden Group’s David Howden’s great-great-great grandfather, boasted how much he was saving insurers.
Top 50 Reinsurers of 2025 revealed
Swiss Re’s adoption of IFRS 17 has propelled it to pole position on this year's Top 50 Reinsurers ranking, which Christopher Pennings, financial analyst at AM Best observes, highlights how the new accounting standard continues to reshape global reinsurance standings.
Guidewire eyes retail broking and reinsurance for ‘next chapter’
Guidewire is experimenting with building solutions to connect its customer base of primary insurers with reinsurers and retail brokers, the company’s group vice president Charles Clarke has told Post.
Throwback Thursday: Food safety; Swiss Re’s promise
Insurance Post’s Throwback Thursday steps back in time to October 1990 to remind you what was going on this week in insurance history when hopes were high the Food Safety Act 1990 would reduce contamination claims.
Q&A: Jonathan Gray, Pool Re
Jonathan Gray, chief underwriting officer at Pool Re, discusses the impact of recent changes at the state-backed terrorism reinsurer and how its helping businesses manage risk.