April, May, and June 2008 are unlikely to be remembered fondly by U.S. insurers, as the three month span saw property losses estimated at over $6 billion.

The insured property damage in the second quarter almost doubled the losses incurred in the first, according to preliminary analysis by ISO's Property Claim Services (PCS) unit. Property/casualty insurers are expected to dish out roughly $6.025 billion for second-quarter property losses resulting from 16 catastrophes in 27 states — almost twice the number of catastrophes in the first quarter.

ISO's PCS unit defines a catastrophe as an event that causes $25 million or more in insured property losses and affects a significant number of policyholders and insurers.

It is estimated that 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.

2008's saw the costliest second quarter since 2001, when insured losses reached $6.24 billion.

A complete summary of second-quarter losses and number of catastrophes since 1999:

Year

Insured Loss ($)

# of catastrophes

1999

3.50 billion

2000

1.46 billion

2001

6.24 billion

2002

2.79 billion

2003

5.05 billion

2004

2.33 billion

2005

930 million

2006

5.04 billion

2007

2.3 billion

2008

6.03 billion

For more information, visit ISO's PCS unit online.

Special Reports /

Second Quarter Insured Losses Highest Since 2001

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