ISO Insurers To Pay $963M In Q1 CAT Losses
NU Online News Service, April 20, 4:06 p.m. EDT?U.S. property-casualty insurers are expected to pay homeowners and businesses some $963 million for insured property-loss claims arising from five catastrophes during the 2004 first quarter, Insurance Services Office estimated.[@@]
In comparison, the 2003 first quarter saw $1.48 billion in insured losses, while insured losses for the 2002 first quarter were approximately $615 million, according to the Jersey City, N.J.-based ISO's Property Claim Services unit.
PCS estimated that catastrophes during the 2004 first quarter are expected to generate more than 230,000 claims from homeowners and businesses.
The five catastrophes affected 20 states. PCS said four winter storms in January together caused an estimated $660 million in insured property damage. In early March, wind, hail, tornadoes and flooding damaged insured property in seven Southern and mid-Atlantic states.
The largest event during the first quarter was a winter storm that struck 10 Northeastern states and caused an estimated $413 million in insured losses.
Looking at losses in individual states, New York was the most severely affected during the first quarter, with $135 million in insured losses, according to PCS. New York was followed by North Carolina at $100 million, New Jersey at $85 million, Pennsylvania at $80 million, and Massachusetts at $70 million.
Following is a summary of first-quarter loss, frequency of events, and claims count since 2000:
? In 2000 first quarter: $1.98 billion in insured losses were reported from seven catastrophes, with 587,850 claims.
? In 2001 first quarter: $680 million insured losses reported from three CAT events, with 108,250 claims.
? In 2002 first quarter: $615 million insured losses reported from three events and 267,500 claims.
? In 2003 first quarter: $1.48 billion insured losses reported from three events and 355,400 claims.
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