Nine catastrophes during the first quarter will cost insurers an estimated $3.35 billion in property-casualty claims from homeowners and businesses, Property Claim Services announced today.

According to the report from PCS, a unit of Insurance Services Office in Jersey City, N.J., the nine events include one that was solely a workers' compensation loss--the Feb. 8 Imperial Sugar plant explosion at Port Wentworth, Ga.

PCS said no estimate of the explosion-related insured workers' comp loss has yet been determined. PCS qualifies an event as a catastrophe when there is an insured loss of $25 million affecting a significant number of policyholders and insurance companies.

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.