JERSEY CITY, N.J., Oct. 26, 2004 — U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $3.245 billion for insured property losses from Hurricane Jeanne, according to preliminary estimates by ISO's Property Claim Services (PCS) unit.
Hurricane Jeanne struck Puerto Rico on Sept. 15 before moving into Florida on Sept. 25. It then moved across the state on a northwesterly track and struck nine other states as far north as New York as a tropical storm. In all, Jeanne produced nearly 385,000 claims for destroyed or damaged insured homes, cars, boats and businesses.
At $2.785 billion, Florida sustained the highest insured losses followed by Pennsylvania ($145 million), Georgia ($105 million), South Carolina ($45 million) and New York ($35 million).
Florida residents and businesses are expected to file 297,000 claims — more than three-quarters of the total claims insurers will pay for Hurricane Jeanne.
Jeanne was the fourth major hurricane to strike the U.S. within a six-week period between August and September.
Taken together, the four hurricanes — Charley, Frances, Ivan and Jeanne — have caused an estimated $20.485 billion in insured losses with an anticipated total of 2.1 million claims.
PCS will resurvey insurers in 60 days as more claims are filed and existing claims are closed. PCS resurveys all catastrophes exceeding $250 million or whenever specific circumstances require additional analysis.
ISO's PCS unit defines a catastrophe as an event that causes $25 million or more in insured property losses and affects a significant number of policyholders and insurers.
PCS estimates represent anticipated insured losses on an industrywide basis arising from catastrophes, reflecting the total insurance payment for personal and commercial property items, business interruption and additional living expenses. The estimates exclude loss adjustment expenses.
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