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November 03, 2004

Hurricanes battered property insurers

The property insurance industry sustained record third-quarter losses this year after a series of storms, including a string of hurricanes, according to an actuarial firm's preliminary estimate.

Eight catastrophes, including hurricanes Charley, Frances, Ivan and Jeanne, contributed to $21.3 billion in insured property-loss claims, according to New Jersey-based Insurance Services Office Inc. That figure compares with $3.7 billion from last year's third quarter, $715 million in the third-quarter 2002 and $19.15 billion in the third-quarter 2001 — the previous record, which included $18.8 billion in insured property losses from the September 11 terrorist attacks.

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Posted by Tom Troceen