Insurers to Pay an Estimated $4.4 Billion for Claims From Hurricane Frances

September 23, 2004

Homeowners and businesses are expected to file claims totaling an estimated $4.4 billion for insured property losses from Hurricane Frances, according to a preliminary estimate by ISO’s ( Property Claim Services (PCS) unit.

Hurricane Frances made landfall between West Palm Beach and Vero Beach in Florida on Sept. 3 but weakened into a tropical storm when it reached the Florida Panhandle. Frances then moved north, triggering numerous tornadoes and heavy rain in Georgia, South Carolina, North Carolina and New York, causing 30 deaths along the way.

Florida accounted for $4.1 billion in insured property losses and more than 500,000 claims. U.S. property/casualty insurers are expected to process more than 552,000 claims for insured losses to personal and commercial property and vehicles.

PCS will resurvey insurers in 60 days as more claims may be filed and information on existing claims may change.

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