ISABEL COST VIRGINIA INSURERS $925 MILLION:

Hurricane Isabel’s cost to insurers in Virginia has more than doubled the original expectations, and now tops $925 million. The figure represents more than half of the total $1.69 billion in insured damage from the storm sustained in all affected states, according to a recent survey by Insurance Services Office Inc. “That’s a significant catastrophic loss,” said ISO spokesman Chris Guidette. Virginia had 315,000 insurance claims—or 61 percent of all those filed after the hurricane. State officials have estimated total destruction statewide to be at least $1.6 billion, with 1,100 homes destroyed and 33 people dead. In October, after it first surveyed insurers after the storm, ISO reported Virginia had $450 million of the $1.17 billion in reported claims. Even after the increase, Isabel’s damage hasn’t reached the level of devastation caused by Hurricane Floyd, which hit the same general area in 1999 and caused about $2 billion in insured losses. Nationwide Mutual Insurance Co. paid out $96.9 million in Virginia, said spokesman Kevin Craiglow. About $88 million of the payments involved homeowners claims. Allstate did not release figures, but spokesman Joe McCormick said the company handled 50,000 claims statewide. Farm experts say Isabel’s toll included almost $120 million in lost crops and damaged buildings and equipment—more than the losses from hurricanes Floyd and Fran combined. Crop losses accounted for up to $59.3 million and building and equipment losses totaled $57.6 million, according to the U.S. Farm Service Agency.

Topics Carriers Virginia Hurricane