Severe tornadoes in several southern states helped push insured catastrophe losses to more than $1.22 billion during the first quarter of 2007, according to ISO's Property Claim Services (PCS) unit.
PCS also estimated that the four winter storms and three severe weather events produced nearly 204,000 claims in 18 states, ranging from California to Florida during the period.
The quarter's costliest event occurred in early March, when tornadoes raked areas of Alabama and Georgia. PCS said that while the damage from this harsh weather outbreak cost insurers more than $450 million, a more serious impact was the loss of life associated with the severe tornado activity in areas such as Enterprise, Alabama, and Americus, Georgia.
The five with the largest insured property losses were Georgia ($285 million), Alabama ($175 million), Texas ($167 million), Missouri ($140 million), and Florida ($100 million).
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. Estimates reflect the total insurance payment for personal and commercial property lines of insurance covering fixed property, personal property, vehicles, boats, related property items, business interruption, and additional living expenses. The estimates exclude loss adjustment expenses.
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