Quarterly Cat Losses Fraction of Previous
Tuesday, July 18th, 2000 Catastrophe Property Risk ManagementU.S property and casualty insurers stand to pay $1.4 billion to homeowners and businesses for insured property losses from 10 catastrophic events in the second quarter of this year, according to initial estimates from the Property Claim Services (PCS) unit of Insurance Services Office (ISO). That compares with $3.5 billion in insured catastrophe losses from 13 events in the second quarter of 1999. In the past 10 years, the worst second quarter for catastrophe losses was in 1998, when losses hit $4.5 billion primarily because of hail in Minnesota. The lowest second-quarter catastrophe loss, $980 million, occurred in 1997, the ISO unit said. For the quarter this year, insurers reportedly received about 550,000 claims for personal and commercial property losses and automobile losses. Spring flooding, hail, tornadoes and wind in 24 states caused the bulk of the second-quarter insured damage.
