US property/casualty insurers are expected to pay a record $56.8bn in insured property losses from catastrophes in 2005, according to the Insurance Services Office Property Claim Services (PCS) unit.
PCS said the total is more than double 2004's record figure of $27.3bn in insured property losses from catastrophes.
Despite recording 24 catastrophic events, PCS said that five hurricanes — Katrina, Wilma, Rita, Ophelia and Dennis — accounted for $52.7bn, nearly 93% of last year's insured losses.
