NU Online News Service, May 4, 3:12 p.m. EDT--U.S. property-casualty insurers are expected to pay homeowners and businesses an estimated $2.1 billion for insured property-loss claims from eight catastrophes in the first quarter, according to preliminary estimates by the Property Claims Services unit of the Jersey City-based Insurance Services Office.
The loss figure is the second costliest since the first quarter of 1996 when the industry suffered losses of $2.6 billion. First-quarter catastrophe losses in the year-ago period were $1.04 billion.
PCS estimated that the eight catastrophes will generate 535,000 claims from policyholders in 28 states--61 percent of which are personal property, 14 percent commercial property and 25 percent vehicle claims.
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