During the second quarter of this year, six catastrophes affecting 23 states are expected to cost United States property and casualty insurers $1.65 billion for insured property loss claims, according to preliminary estimates from Property Claim Services.
The events are expected to generate nearly 495,000 claims, of which more than 270,000 are from homeowners. Severe weather, including high winds, hail, tornadoes, heavy rains, and flooding, caused the insured damage associated with all six catastrophes. At $295 million, Colorado topped the list of the most severely affected states, followed by Texas at $280 million, Oklahoma at $140 million, Missouri at $115 million, and Illinois at $110 million.
The total for the quarter compares with insured losses of $5.1 billion during the same period last year, and $2.8 billion in the second quarter of 2002. The record for second-quarter insured damages due to catastrophes is $6.2 billion, set in 2001.
For the first half of this year, catastrophe losses now stand at $2.69 billion, the second lowest for insured losses during the past decade. The same six-month period also saw the second lowest number of catastrophic events in the decade: 11.
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