56 Billion dollars -- so far.
Excerpt~
"Estimated damage from catastrophes has doubled every year since 2002, while claim volume has increased steadily since 2000," it said. "Twelve catastrophes on the PCS's 'Top 20' list occurred during the past five-year period."
It added: "A dramatic increase in the number and value of exposed properties in high-risk areas is a major contributor to increasing catastrophe losses." ~
Around here in Cutler Ridge Bay, Florida - south of Miami - thousands of big expensive beautiful new homes are being built... Property values are going up and up -
and - so is insurance! Where do people get all the money it takes for this?
deexxoo
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'05 payout worst ever for U.S. insurers
Storms drive cost to $56.8 billion
BY EILEEN ALT POWELL
ASSOCIATED PRESS
ASSOCIATED PRESS
January 27, 2006
NEW YORK -- U.S. property and casualty insurers are expected to pay out a record $56.8 billion for 2005 catastrophes, with more than 90% stemming from the hurricanes that hit southern states, a company that tracks insurance data said Thursday.
The tally for last year was more than double the previous record $27.3 billion paid out in 2004 to cover the losses homeowners and businesses sustained in hurricanes and other storms, according to the ISO's Property Claim Services (PCS) unit.
The ISO, which is based in Jersey City, N.J., said five hurricanes last year -- Katrina, Wilma, Rita, Ophelia and Dennis -- affected nine states and accounted for $52.7 billion, or nearly 93%, of the expected claims.
States with the highest payouts were those hardest hit by the hurricanes, the company said. They were:
The ISO also said the fourth quarter was the most costly on record in the last decade, with Hurricane Wilma responsible for $8.4 billion of the quarter's total $8.9 billion in insured losses.
For all of 2005, policyholders in 39 states filed more than 4 million personal and commercial property claims and auto claims, the ISO said.
It noted that catastrophes -- the company defines one as an event that causes $25 million or more in insured property losses -- have increased in intensity in recent years.
"Estimated damage from catastrophes has doubled every year since 2002, while claim volume has increased steadily since 2000," it said. "Twelve catastrophes on the PCS's 'Top 20' list occurred during the past five-year period."
It added: "A dramatic increase in the number and value of exposed properties in high-risk areas is a major contributor to increasing catastrophe losses."
Insured catastrophe losses totaled $12.9 billion in 2003, $5.9 billion in 2002, $26.5 billion in 2001 and $4.6 billion in 2000.
Copyright © 2005 Detroit Free Press Inc.
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