U.S. property-casualty insurers are expected to pay an estimated $1.38 billion in insured property losses from seven catastrophe events in the first three months of the year, according to a preliminary analysis by Property Claim Services.
PCS, a unit of Jersey City, N.J.-based Insurance Services Office, also estimated that the first-quarter catastrophes produced nearly 390,000 claims in 19 states.
Personal property lines claims accounted for 53 percent of the total, with 12 percent for commercial lines claims and 35 percent for personal and commercial auto claims. The large number of vehicle claims stemmed from hail and tornado damage.
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