U.S. property/casualty insurers are expected to pay policyholders an estimated $4.9 billion for insured property-loss claims from four catastrophic events in the second quarter ¯ the second-highest second quarter in losses since 1994 ¯ according to estimates by Insurance Services Office, Inc.‘s (ISO) Property Claim Services (PCS) unit.
Second-quarter 2001 topped the list for insured property damage with $6.2 billion from nine events. Catastrophe losses during first-quarter 2002 were $2.8 billion from 10 events.
Catastrophe losses for first-half 2003 now stand at $6.3 billion, compared with $3.4 billion for the first six months of 2002 and $6.9 billion in first-half 2001.
