ISO: Catastrophes Cost Insurers an Estimated $3.35B in First-Quarter Losses
According to the Property Claims Services (PCS), a unit of Insurance Services Office (ISO), insurance carriers will pay homeowners and businesses an estimated $3.35 billion for first-quarter property losses as a result of nine different catastrophes.
Eight of the catastrophes for first-quarter 2008 generated 615,000 claims in 22 states, according to PCS estimates. These were caused by severe weather such as damaging wind, large hail, flooding, tornadoes, and a winter storm. A ninth catastrophe was due to workers compensation loss associated with a February explosion at a sugar refinery in Georgia.
Of the 22 states, the five with the largest insured property losses were Georgia ($610 million), Tennessee ($535 million), California ($360 million), Texas ($270 million), and Arkansas ($223 million).
The costliest event of the quarter was caused by an outbreak of severe weather that spread from Texas to Ohio in early February and cost $995 million. Eight affected states saw nearly 120,000 losses as a result of the storm.
Source: Source: ISO | Published on April 29, 2008
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