NU Online News Service, May 4, 3:12 p.m.EDT--U.S. property-casualty insurers are expected to payhomeowners and businesses an estimated $2.1 billion for insuredproperty-loss claims from eight catastrophes in the first quarter,according to preliminary estimates by the Property Claims Servicesunit of the Jersey City-based Insurance Services Office.
|The loss figure is the second costliest since the first quarterof 1996 when the industry suffered losses of $2.6 billion.First-quarter catastrophe losses in the year-ago period were $1.04billion.
|PCS estimated that the eight catastrophes will generate 535,000claims from policyholders in 28 states--61 percent of which arepersonal property, 14 percent commercial property and 25 percentvehicle claims.
|The quarter's costliest catastrophe was the late Marchthunderstorms that pummeled the south and east coasts for anestimated $655 million in losses.
|Texas, at $565 million, headed the list of the five mostseverely affected states, followed by California at $275 million,Georgia at $220 million, Alabama at $150 million, and Pennsylvaniaat $120 million.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.