Claims News Service, Jan. 17, 4:09 p.m. EST- ISO's Property Claims Unit (PCS) recently released a review of last year's catastrophe events. Half of all the catastrophe losses in the U.S. were limited to five states: Indiana, Missouri, Tennessee, Texas, and Kansas.
PCS defines a catastrophe as an event that causes $25 million or more in insured property losses and affects a significant number of policyholders or insurers.
Losses due to catastrophes were much less in 2006 than in years previous, but the frequency of catastrophes increased. Tropical Storm Ernesto was the only storm considered to be catastrophic, which was responsible for approximately $250 million in insured property damage. The 2006 season included 10 total storms, five of which were hurricanes.
PCS reported that after a resurvey, third-quarter damages totaled $1.25 billion, the third lowest estimate in the last decade. Fourth-quarter damages were estimated at $1.19 billion.
Interested in more catastrophe news and in-depth articles? Head over to Claims' catastrophe channel for more information.
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