The United States property and casualty industry is expected to pay homeowners and businesses an estimated $920 million for insured property losses in the second quarter of 2005, according to preliminary estimates by Property Claim Services.
With four catastrophes in 25 states, this year's second-quarter tally was the lowest in the past 10 years. Severe weather, including high winds, hail, tornadoes, and flooding, was responsible for all the insured damage in the quarter. The costliest event was a severe thunderstorm in early May that affected 14 states, causing $305 million in insured property damage.
At $315 million, Texas topped the list of the five most severely affected states, followed by Nebraska at $105 million, Kansas at $85 million, Oklahoma at $65 million, and Colorado at $45 million.
During the same period last year, insured losses totaled $2.3 billion, compared with $5.1 billion in the second quarter of 2003. The record for second-quarter catastrophe losses, $6.2 billion, occurred in 2001. For the first half of this year, insured property losses from catastrophes stand at $3.05 billion, resulting from 12 events in 37 states.
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