Insurers to Pay $2B for 2nd-Qtr Clms
Sunday, July 28th, 2002 Auto Liability Property Risk Management Workers' CompensationInsurers are expected to pay $1.97 billion to homeowners and businesses for insured-property losses from 10 catastrophe events in the second quarter of this year, according to preliminary estimates by the Insurance Services Office Inc.'s (ISO) Property Claim Services (PCS) unit. Except for the late-June Arizona wild land fire, all second-quarter events were caused by the wind, hail, tornadoes and flooding that accompanied strong thunderstorms. A severe weather system, between April 27 and May 3, created the largest catastrophe of the quarter and nearly half the total loss for the period. These storms produced nearly 250,000 claims in 17 states, with a total insured loss estimated at $855 million.
External References & Further Reading
http://www.insurancejournal.com/news/national/2002/07/29/20309.htm
