U.S. P/C Insurers’ Paid $2.1 Billion for 2d Quarter Catastrophes
U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $2.175 billion for second-quarter property losses resulting from a total of six catastrophes in 25 states — tying the record for the second-lowest number of catastrophes in a second quarter in the past 10 years, according to preliminary analysis by ISO’s Property Claim Services (PCS) unit.
PCS estimates the six catastrophes of second-quarter 2007 generated 504,000 claims. Year to date, the estimated number of claims is 709,000.
At $435 million, Texas topped the list of the five most severely affected states, followed by Minnesota at $322 million, Kansas at $210 million, New Jersey at $160 million, and New York at $130 million.
The costliest event of the quarter — caused by strong winds, large hail, tornadoes, and flooding — occurred in mid-April and affected 18 states and the District of Columbia. The current PCS estimate of insured property damage for this event is $1.225 billion.
ISO’s PCS unit defines a catastrophe as an event that causes $25 million or more in insured property losses and affects a significant number of policyholders and insurers. PCS estimates represent anticipated insured loss on an industrywide basis arising from catastrophes. The estimates exclude loss adjustment expenses.
Source: ISO
www.iso.com.
- Beyond the Claim: How Social Canvassing is Transforming Insurance Fraud Detection
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- 4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
- Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- CoreLogic Report Probes Evolving Severe Convective Storm Risk Landscape
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road
- EVs Head for Junkyard as Mechanic Shortage Inflates Repair Costs