Catastrophe-related insured losses for the second quarter of this year will tally about US$1.65 billion, according to claims data collected by the Insurance Services Office (ISO). The insured cat loss for the second quarter of this year shows a marked reduction on the US$5.1 billion loss insurers incurred for the same period in 2003, and the US$2.8 billion loss recorded for the second quarter of 2002.The latest quarter cat loss data is based on six natural disaster events which affected 23 states, the ISO says. The six catastrophes will likely generate about 495,000 business and homeowner claims. The events in question included high winds, hail, tornadoes, heavy rain and flooding, the ISO notes. Colorado incurred the highest insured cat loss at US$295 million, followed by Texas at US$280 million, Oklahoma at US$140 million, Missouri at US$115 million, and Illinois at US$110 million, according to the ISO. Cat insured losses for the first half of this year stand at about US$2.69 billion the second lowest loss recorded over the same period within the last decade.
A different type of auto fraud
Although preliminary reports suggest auto theft in Canada is decreasing in 2024, another issue of concern is emerging for auto insurers: a surge in fraudulent credit applications. Automotive application fraud is up 54% year-over-year in Canada, largely driven by falsified credit applications and the continued prevalence of identity theft, consumer credit reporting agency Equifax Canada […]
By Jason Contant | September 24, 2024
2 min read