Property, Casualty Insurers Face Large Payout for 2005
According to the Insurance Services Office, Inc., U.S. property and casualty insurers have been expected to pay almost $50.3 billion for insured losses. Almost $45.2 billion, or 90%, of those losses are attributable to hurricanes Katrina, Rita, and Wilma. Even though the hurricane season officially ended in November, 2005 losses from catastrophes are likely to increase as additional claims are submitted through the end of December.