U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $6.025 billion for second-quarter property losses, according to preliminary analysis by ISO's Property Claim Services (PCS) unit.
This is a result of 16 catastrophes in 27 states--nearly double the number of catastrophes in the first quarter. Also, the insured property damage in the second quarter almost doubled the losses incurred in the first. PCS estimates the 16 catastrophes of second-quarter 2008 generated 1,223,500 claims that averaged nearly $5,000 each.
At $1.08 billion, Texas topped the list of the five most severely affected states, followed by Minnesota at $810 million, Kansas at $578 million, Arkansas at $450 million and Oklahoma at $425 million. Severe weather in May affecting seven states from Colorado and Wyoming to Minnesota was the costliest event of the quarter at $850 million.
For more information, visit www.iso.com/.
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