NEW YORK, Sept. 3, 1998 — Hurricane Bonnie caused an estimated $360 million in damage to insured property in three states, according to preliminary calculations by Insurance Services Office, Inc.'s (ISO) Property Claim Services (PCS) unit.
According to ISO's PCS unit, damage to insured personal and commercial property and vehicles from Hurricane Bonnie totaled $240 million in North Carolina, $95 million in Virginia and $25 million in South Carolina. About 170,000 claims are expected to be filed with insurers.
Property damage inflicted by Hurricane Bonnie was not as devastating as initially feared. While damage was extensive in the immediate coastal area where Hurricane Bonnie made landfall — near Cape Fear in North Carolina — the storm weakened as it moved inland.
Many of the claims reported to insurers involve roofs, siding, gutters and interior water damage.
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.
PCS estimates represent anticipated insured loss on an industry-wide basis arising from catastrophes, reflecting the total net insurance payment for personal and commercial property lines of insurance covering fixed property, personal property, vehicles, boats, related property items and business-interruption losses. The estimates exclude loss-adjustment expenses.
Since 1949, PCS has been the source of insurance property loss estimates for domestic and international insurers.