$10.07 billion last year, making it the third-worst year on record in the last ten years, according to Insurance Services Office, Inc.

The estimate is an indication that Bermuda's reinsurers and insurers might be in for some payouts to the companies thus affecting their 1998 reported income.

The Insurance Services Office stated that fourth-quarter 1998 catastrophe losses were an estimated $480 million, nearly double the $250 million in the same period of 1997.

Still fourth quarter losses were lower than the ten-year average of $1.152 billion. The industry's worst fourth quarter in the last ten years occurred in 1995 when five events gave rise to losses totalling $2.63 billion.

Last year's total losses was nearly four times higher than the $2.6 billion loss registered in 1997.

"In severity of insured property damage, 1998 is surpassed only by the $22.97-billion loss in 1992 -- the year of Hurricanes Andrew and Iniki -- and the $17.01-billion loss in 1994 when the Northridge earthquake hit California.

The 1998 price tag includes the $2.9 billion in losses from Hurricane Georges, and tornadoes in Minnesota which cost $1.3 billion.

AT A GLANCE Estimated catastrophe losses in the US in 1997 by the Insurance Services Office, Inc. (with number of events in parentheses): Q1 $1.005bln (10) Q2 $4.520bln (16) Q3 $4.065bln (8) Q4 $480m (3) Total $10.070 (37)