Insured property losses in the U.S. are expected to top $1.38 billion for 2006's first quarter, according to the Insurance Services Office's Property Claim Services unit. That represents a decrease of more than 35 percent from last year's first quarter.
PCS defines a catastrophe as an event that causes $25 million or more in insured property losses and affects a significant number of policyholders and insurers. There were seven such occurrences in the first quarter — three winter storms and four wind and thunderstorm events.
The claim service unit also estimated that these catastrophes produced almost 390,000 claims in 19 states. Personal lines accounted for 53 percent of the total, 12 percent was commercial, and 35 percent was auto. Most vehicle claims resulted from hail and tornado damage.
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