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12:33 PM
Nathan Golia
Nathan Golia
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Irene, Joplin Loss Estimates Still Rising

Reports this week remind carriers that the true cost of a catastrophe can't be known until weeks have past.

We've talked several times this year about the high amount of catastrophe activity. As the year comes to a close, a clearer picture is beginning to emerge of just what that means to insurers' bottom lines.

ISO's Property Claim Services has upped its Irene loss estimate to $4.3 billion. That 18% rise from a previous estimate in September doesn't even count flood damage.

And in Joplin, Missouri, insurers have paid out $1.3 billion of a total that is expected to reach $1.9 billion. But does anyone really think the roof can be put on the numbers yet?

We've talked to insurers this year about the ways they're trying to address this increased activity. Lots of it revolves around modeling and analytics, but others are trying to speed their claims process so that vulnerable customers have an optimal experience. How are these events affecting your plans? Drop a line and let us know.

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio

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