ISO Says Insurers Will Pay $1.2B in Storm Claims in 10 States
U.S. property/casualty insurers are expected to pay policyholders an estimated $1.2 billion for insured property-loss claims from a winter storm and windstorm catastrophe that pummeled 10 states in early April, according to preliminary estimates by Insurance Services Office, Inc.’s (ISO) Property Claim Services (PCS) unit.
Texas was hit hardest, sustaining $885 million in insured property losses from an estimated 285,000 claims. Wind gusts exceeding 80 miles an hour and hail the size of baseballs pounded several Texas counties along the path of the thunderstorm. Missouri insured losses were the second highest at $110 million.
- Survey: Majority of P/C Insurance Decision makers Say Industry Will Be Powered by AI in Future
- Progressive to End Offering Dwelling Fire Insurance
- Verisk: A Shift to More EVs on The Road Could Have Far-Reaching Impacts
- Fake Bear Attacks on Car for Fraudulent Insurance Claims Lead to Arrests