US Catastrophe Losses Hit $25.2B In '08: Report

Law360, New York (January 20, 2009, 12:00 AM EST) -- Property insurance losses in the United States are expected to total $25.2 billion for 2008, the fourth-highest amount in the past decade and a sign for insurers that losses and catastrophe counts may be trending upward, according to industry data provider Insurance Services Office Inc.

The losses originated from 40 states and were caused by 37 catastrophes, the highest catastrophe count in a single year since 1998, ISO’s Property Claim Services unit reported Tuesday.

PCS defines a catastrophe as an event that causes at least $25...
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