Claims News Service, July 25, 9:59 a.m. EDT — Property-casualty insurers are expected to pay homeowners, businesses, and auto owners around $3.7 billion in catastrophe claims for events that happened from April to June this year, said a recent report from Insurance Services Office's Property Claim Services unit.

Bringing total estimated catastrophe payments for the first half of the year up to $5.2 billion, 2006′s second quarter ranks fourth highest in insured catastrophe claim payments for second quarters over the past 10 years. Ranked first is the second quarter of 2001, when catastrophe losses totaled more than $6 billion.

Additionally, 2006′s second quarter ranks second in terms of catastrophic event frequency with 13. (Tied are 1999 and 1998 with 16 named catastrophes). Severe weather — including high winds, large hail, tornadoes, and widespread flooding — was responsible for all the losses.

Recommended For You

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:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.