US insurers Q2 cat costs tied with 2nd lowest in 10 years

U.S. property and casualty insurers are expected to pay homeowners and businesses and estimated $2.175 billion [approximately Cdn$2.28 billion] for Q2 property losses resulting from a total of six catastrophes in 25 states, reports the ISO. The ISOs Property Claims Services (PCS) unit estimates the six catastrophes of 2007 Q2 generated 504,000 claims, approximately 71% of the year-to-date claims. This figure ties the record for the second-lowest number of catastrophes in a Q2 in the past ten years, an ISO statement says. The costliest event of the quarter caused by strong winds, large hail, tornadoes and flooding occurred in mid-April and affected 18 states and the District of Columbia. The current PCS estimate of insured property damage for this event is $1.225 billion [approximately Cdn$1.31 billion]. Following is a summary of Q2 insured losses since 1998: