U.S. Cats Cost Us$1.65 Billion for 2-Q

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.