Canadian Underwriter

U.S. cat losses hit US$1.46 billion in first quarter

April 15, 2003   by Canadian Underwriter

Print this page Share

Bucking the trend of first quarter 2001 and 2002, the first three months of this year produced a relatively high US$1.46 billion in cat losses south of the border. However, the figure still represents a mid-range of losses compared to the last ten first quarters, reports the Insurance Services Office (ISO) Property Claims Services (PCS) unit.
First quarter 2002 saw cat losses of US$615 million, and the same period in 2001 saw US$680 million in losses. It is well off the pace set in 1994 of US$14.5 billion, largely the result of losses from the Northridge, California earthquake.
The US$1.46 billion is based on more than 345,000 claims from homeowners and businesses, and five events. Three winter storms hit 15 states, causing US$1.1 billion in insured damage, while two wind/windstorm events caused the remaining US$365 million in insured losses.
Of the states involved, Colorado was hardest hit with US$315 million in insured losses as a result of a mid-March winter storm. Maryland follows at US$165 million, New Jersey at US$130, and New York and Pennsylvania with US$105 million apiece.
The PCS defines a catastrophe as an event causing more than US$25 million in insured damage, affecting a significant number of insureds.

Print this page Share

Have your say:

Your email address will not be published. Required fields are marked *