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Insurers To Pay More Than $2 Billion In Third Quarter Catastrophe Claims

The Insurance Services Office reports that insurance companies will pay $2.1 billion for 831,000 claims resulting from seven natural disasters in the third quarter. The costliest event was Hurricane Floyd which caused an estimated $1.3 billion in insured losses.

Third-quarter catastrophe losses this year were the fifth highest for a third quarter since record keeping began 50 years ago. With more than half the normal hurricane season over, four made landfall and three of those were designated catastrophes. ISO's Property Claims Service defines a catastrophe as an event within a particular territory that causes $25 million or more in insured property losses. Cat losses for the first nine months of 1999 added up to $7.4 billion, compared to $8.3 billion for the same period of 1998.