Ins To Pay $1.55B For May Storm Dmg
Thursday, May 22nd, 2003 PropertyU.S. property/casualty insurers are expected to pay policyholders an estimated $1.55 billion for insured property-loss claims from severe thunderstorms and killer tornadoes that cut a wide swath through 18 states May 2–11, according to a preliminary estimate by Insurance Services Office, Inc.'s (ISO) Property Claim Services (PCS) unit. PCS estimates insurers will receive more than 429,000 claims from auto, residential and commercial policyholders affected by hail, wind, flooding and more than 400 tornadoes. Estimated insured losses from this windstorm event make it the third highest in history. The highest insured loss in a windstorm catastrophe was $2.2 billion in April 2001 that affected 16 states, followed by a $1.7 billion loss from a 17-state event in April 2002.
