Terrorist attack on WTC, Pentagon and other buildings
19,532
3
Jan. 17, 1994
U.S.
Northridge earthquake
17,312
4
Sep. 27, 1991
Japan
Typhoon Mireille
7,598
5
Aug. 13, 2004
U.S.
Hurricane Charley
7,475 (3)
6
Sept. 16, 2004
U.S.
Hurricane Ivan
7,110 (3)
7
Jan. 25, 1990
France, U.K., et al.
Winterstorm Daria
6,441
8
Dec. 25, 1999
France, Switzerland, et al.
Winterstorm Lothar
6,382
9
Sep. 15, 1989
Puerto Rico, U.S. et al.
Hurricane Hugo
6,203
10
Oct. 15, 1987
France, U.K., et al.
Storm and floods
4,839
(1) Property and business interruption losses, excluding life and liability losses. (2) Adjusted to 2003 dollars by Swiss Re. (3) Expressed in 2004 dollars.
Note: Loss data shown here may differ from figures shown elsewhere for the same event due to differences in the date of publication, the geographical area covered and other criteria used by organizations collecting the data.
Source: Swiss Re, sigma, No. 1/2004. Insured losses for natural catastrophes in the United States and the Sept.11 terrorist attack from ISO.
(1) As of, December 28, 2004, updated January 1, 2005.
Note: The extent of damage for the December 26, 2004 tsunami n Indonesia, Sri Lank, and India is not yet known. The tsunami caused over 140,000 fatalities and over $10 billion in economic damage.
Source: Munich Re.
CATASTROPHES IN THE UNITED STATES ISO defines a catastrophe as an event that causes $25 million or more in insured property losses and affects a significant number of property/casualty policyholders and insurers. The estimates re p resent anticipated insured losses from catastrophes on an industrywide basis, reflecting the total net insurance payment for personal and commercial property lines of insurance covering fixed property, vehicles, boats, related property items, business interruption and additional living expenses. They exclude loss-adjustment expenses.
Note: Catastrophes are assigned serial numbers by the Property Claim Services division of ISO when the insured loss to the industry resulting from an occurrence reaches at least $25 million. This chart identifies only the most severe catastrophes.
Source: ISO.
SEPTEMBER 11, 2001 WORLD TRADE CENTER LOSSES A total of 2,976 people perished in the September 11 terrorist attacks in New York, Washington and Pennsylvania, excluding the nineteen hijackers, according to an exhaustive count by government officials. Total insured losses from the terrorist attacks on the World Trade Center in New York City and the Pentagon are expected to be about $31.7 billion, including liability claim costs. Loss estimates by ISO now put property damage alone at $18.8 billion, including claims for business income lost due to direct damage and to the ban on pedestrian and vehicular traffic in lower Manhattan, which forced many businesses there to close temporarily. These loss estimates may differ from estimates calculated by other organizations, due to revisions of original loss figures.
SEPTEMBER 11, 2001 INSURANCE INDUSTRY LOSS ESTIMATES (1) ($ billions)
(1) As of December, 2004. Dollar amounts and percentages do not add to total due to rounding. (2) Includes $1.1 billion due to a December 2004 federal jury decision that the World Trade Center losses resulted from two separate attacks; subject to appeal.
(1) Includes catastrophes causing insured losses to the industry of at least $5 million from 1994 to1996. Data for 1997 to 2003 include catastrophes causing at least $25 million in losses. (2) Adjusted to 2003 dollars by the Insurance Information Institute. (3) 1997 was the first year that ISO increased its dollar threshold for defining catastrophes from $5 million to $25 million (see footnote 1). The number of catastrophes fell from 41 in 1996 to 25 in 1997, mostly due to this reclassification. (4) Expressed in 2004 dollars.
Source: ISO; Insurance Information Institute.
2004 losses at $27.3 billion were the highest on record, with 22 events, including four hurricanes which ranked among the Ten Most Costly Catastrophes on record for the United States.
The second highest loss year on record was 2001, the year of the World Trade Center/Pentagon attacks, at $26.5 billion. However, when adjusted for inflation, 1992 losses were $30.2 billion, higher than those in 2001.
INFLATION-ADJUSTED U.S. CATASTROPHE LOSSES BY CAUSE OF LOSS, 1984-2003 (1)
(1) Catastrophes are all events causing direct insured losses to property of $25 million or more in 2003 dollars. Adjusted for inflation by ISO. (2) Excludes snow. (3) Includes hurricanes and tropical storms. (4) Includes other geologic events such as volcanic eruptions and other earth movement. (5) Does not include flood damage covered by the federally administered National Flood Insurance Program. (6) Includes wildland fires.
Source: ISO.
THE TEN MOST COSTLY HURRICANES IN THE UNITED STATES ($ millions)
Los Angeles, San Bernardino, Orange, Riverside, and San Diego Counties, California
43.0
96.0
Jul. 26-27, 1977
Santa Barbara, Montecito, California
20.0
60.7
May 17-20, 1985
Florida
33.0
56.4
Oct. 23-25, 1978
Los Angeles and Ventura Counties, California
15.0
42.3
Nov. 16-17, 1980
Bradbury, Pacific Palisades, Malibu, Sunland, Carbon Canyon and Lake Elsinore, California
16.0
35.7
Oct. 9-10, 1982
Los Angeles, Ventura, and Orange Counties, California
16.0
30.5
Sep. 12-18, 1979
Hollywood Hills, California
5.0
12.7
(1) Estimated insured losses. (2) Effective January 1, 1997, Property Claim Services (PCS) defines catastrophes as events that cause more than $25 million of insured property damage and that affect a significant number of insureds and insurers. From 1982 to 1996, PCS used a $5 million threshold in defining catastrophes. Before 1982, PCS used a $1 million threshold. (3) Adjusted to 2003 dollars by the Insurance Information Institute.
Source: Property Claim Services, ISO; Insurance Information Institute.
Travelers,
Allstate, Encompass, Deerbrook,
Metropolitan, Cumberland Mutual, Allied, AIG Friends Cove
Mutual, Progressive, Harleysville, Safeco,
General Casualty, Foremost,ZurichHartford, Commercial
Protective, Truckers, Hartford, USG, Bristol
West, Philadelphia Ins Co.Auto Insurance,
Homeowners Insurance, RV Insurance, Motorcycle
Insurance, Life InsurancePowersports
Insurance, Business Insurance, Commercial
Vehicle Insurance, Truck InsuranceAccident
Insurance, Disability Insurance, Health
Insurance, Flood Insurance, Aircraft Insurance
