U.S. insurers are estimated to be paying US$1.97 billion in claims from 10 catastrophes in the second quarter 2002, says the Property Claims Services Unit of the Insurance Services Office (ISO).These events include the Arizona wildfires of late-June, but this was not the largest loss event of the quarter by far. Severe weather between April 27 and May 3, hitting 17 states and producing nearly 250,000 claims, caused an estimated US$855 million in losses.And this second quarter was a far cry from last year’s loss of US$6 billion in the second quarter, largely the result of Tropical Storm Allison, among the top 10 costliest catastrophes ever.Overall, the ten second-quarter 2002 cat events resulted in 550,000 claims, 290,000 of which were personal claims, 50,000 commercial claims and 210,000 vehicle losses.ISO’s PCS defines a catastrophe as an event causing US25 million or more in insured property losses in a given territory.
U.S. insurers face almost US$2 billion in claims in second quarter 2002