US insurers Q2 cat costs tied with 2nd lowest in 10 years
July 12, 2007 by Canadian Underwriter
Print this page Share
U.S. property and casualty insurers are expected to pay homeowners and businesses and estimated $2.175 billion [approximately Cdn$2.28 billion] for Q2 property losses resulting from a total of six catastrophes in 25 states, reports the ISO.
The ISOs Property Claims Services (PCS) unit estimates the six catastrophes of 2007 Q2 generated 504,000 claims, approximately 71% of the year-to-date claims.
This figure ties the record for the second-lowest number of catastrophes in a Q2 in the past ten years, an ISO statement says.
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 [approximately Cdn$1.31 billion].
Following is a summary of Q2 insured losses since 1998:
Have your say: