Unusually Severe Weather Events Challenged Insurers in 2008

Unusually Severe Weather Events Challenged Insurers in 2008

22 December 2008

published by www.insurancenewsnet.com

USA — The Insurance Information Institute issued the following news release:

Preoccupied with the economic downturn and the U.S. presidential election, many Americans were unaware of the severe hurricanes and frequent tornadoes that caused billions of dollars in insured losses nationwide this year, according to the Insurance Information Institute (I.I.I.).

Property/casualty insurers paid $24.9 billion to policyholders for losses incurred through the first nine months of 2008, ISO’s Property Claims Service (http://www.iso.com/Products/Property-Claim-Services/Property-Claim-Services-PCS-info-on-losses-from-catastrophes.html) found.

There were 16 named storms this Atlantic hurricane season, making 2008 the year with the fourth-highest number of named storms since such records started being kept in 1944. Nine of the named storms became hurricanes, three of which made landfall in the U.S.: Dolly (Texas, in July); Gustav (Louisiana, in September); and Ike (Texas, also in September). The three U.S. hurricanes combined produced more than $11 billion of the $24.9 billion in insured losses for the year between January and September 2008.

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