NEW YORK, Oct. 25, 1999 – U.S. property/casualty insurers will pay Florida homeowners and businesses an estimated $100 million for insured property damage from Hurricane Irene, according to preliminary calculations by Insurance Services Office, Inc.'s (ISO) Property Claim Services (PCS) unit.
Floridians are expected to file 62,000 claims with insurers for personal and commercial property loss and auto damage, according to ISO's PCS unit.
Hurricane Irene, which moved from the Caribbean into southwest Florida and eventually along Florida's east coast with winds gusting at 75 miles an hour, dumped more than 18 inches of rain and caused widespread flooding on October 15 and 16. The majority of claims filed with insurers involve water damage to homes, commercial structures, and vehicles. Other claims filed include damage to structures from downed trees, wind damage to roofs and siding and to outdoor property.
Flood losses which are covered under the federal government's National Flood Insurance Program are not included in the PCS estimate.
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.