U.S. property/casualty insurers will pay $1.71 billion to homeowners and businesses for insured property losses from seven catastrophic events in the first quarter of this year, according to initial estimates from the Property Claim Services (PCS) unit of Insurance Services Office, Inc. (ISO).
That compares with $1.85 billion in catastrophe losses from five events in the first quarter of 1999.
The worst first quarter for catastrophe losses was in 1994, when losses hit $14.5 billion, primarily because of the Northridge earthquake in southern California. The lowest ever first-quarter insured-property loss was $305 million in 1990.
The seven catastrophes in this year’s first quarter affected 25 states, spanning most of the eastern half of the United States. Texas topped the list with $990 million in insured property damage, including the damage inflicted when tornadoes hit Fort Worth and neighboring communities in late March.
