Tropical Storm Allison bill could top $2.5bn

NEW YORK - Insurers will pay out $2.5bn for property losses arising from Tropical Storm Allison, according to latest estimates by Insurance Services Office Inc's (ISO) Property Claims Services (PCS) unit. This is $1.3bn higher than the initial estimates put out by PCS. Of the total insured losses caused by the storm, Texas suffered $2.2bn, up from the original $1bn figure for insured damage in the state. According to PCS, the reason for the increase in the loss is that high flood waters prevented a more comprehensive survey in the immediate days after the storm. "Until the waters subsided for adjusters to look at the damage we did not have complete information," a spokesman said.