Indiana, Ohio reel from “catastrophic losses”

Indiana, Ohio reel from “catastrophic losses”


Insurers are expected to pay $675 million to home owners and businesses for insured-property losses from six catastrophic events in the third quarter of this year, according to preliminary estimates by the Insurance Services Office, Inc.’s (ISO), Property Claim Services (PCS) unit. Indiana topped the list for insured-property damage ($150 million), followed by Wyoming ($98 million), Louisiana ($95 million), Arizona ($75 million) and Virginia ($50 million). Ohio also sustained insured-property damage from the tornado/windstorm that hit the Ohio Valley (Indiana, Kentucky and Ohio) in September.

In total, the third quarter saw six events in 18 states that generated nearly 260,000 claims for damage to personal and commercial property and motor vehicles, ISO said.

ISO’s PCS unit defines a catastrophe as an event within a particular territory that causes $25 million or more in insured-property losses and affects a significant number of property and casualty policyholders and insurers. This quarter’s report brings catastrophe losses to $3.7 billion for the first nine months of 2002.

Copyright Rough Notes Co., Inc. Dec 2002

Provided by ProQuest Information and Learning Company. All rights Reserved