Claims News Service, April 25, 3:53 p.m. EST- The Property Claim Services (PCS) unit of the Insurance Services Office (ISO) recently released a preliminary analysis of the 2007 first quarter catastrophe losses.
PCS considers a catastrophe to be any event that causes $25 million or more in insured losses. The 2007 first quarter catastrophe losses reached more than $1.2 billion, due mostly to severe tornadoes that ripped through Georgia and Alabama. According to ISO, the PCS reported that property and casualty insurers are expected to pay an estimated $1.22 billion to U.S. homeowners and businesses for seven catastrophe events that occurred in the first quarter.
PCS estimated that the four winter storms combined with three other severe weather events are the cause of approximately 204,000 claims in 18 states. According to ISO, the five of those states that suffered the most damage were Georgia ($285 million), Alabama ($175 million), Texas ($167 million), Missouri ($140 million), and Florida ($100 million).
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