The fierce storms that pummeled Washington state and Oregon late last week will be declared a catastrophe, the Insurance Services Office Inc. announced today.
Jersey City-based ISO's Gary Kerney, assistant vice president, property claim service, said in an e-mail statement: "PCS designated the event [the storms in Washington and Oregon] a catastrophe, but it is too early for insured loss information to develop. Claims were being reported in substantial numbers on Friday, but many residents were still without power and unable to report. PCS will begin to collect loss information later this week."
ISO's definition of a catastrophe is an event of $25 million or more in insurance losses that affects a significant number of policyholders and insurance carriers.
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