Cost of cat losses double in third quarter as “Ike” estimates rise

In the first three quarters of this year, 36 catastrophe events, costing insurers a total of $22.1bn, were officially declared

US property/casualty insurers are expected to pay homeowners and businesses an estimated $11.5bn for third-quarter property losses resulting from a total of 11 catastrophes in 22 states – the fourth-largest insured property loss in a third quarter since 1998. Meanwhile, loss estimates for hurricane Ike, which struck Texas in September with hurricane winds extending well inland from the coast, have been revised upwards to $13-21bn, making Ike the third most costly US hurricane after Katrina and Andre.