The Insurance Services Office and the Property Casualty Insurers Association of America recently released a report that analyzes the property/casualty industry's economic performance in the first quarter of 2007.
Most interesting and pertinent for adjusters and claim managers is the fact that overall loss and loss adjustment expenses increased $1.1 billion (1.6 percent) to $70.4 billion in first three months of 2007, up from $69.3 billion in first-quarter 2006. Non-catastrophe loss and loss adjustment expenses rose $1.3 billion (1.9 percent) to $69.1 billion in first-quarter 2007, up from $67.8 billion in 2006′s first quarter.
"The catastrophic events in 2007 were a bit less than the ones associated with the catastrophes in 2006," said Michael R. Murray, ISO's assistant vice president for financial analysis. "On average, each catastrophe in the first quarter of 2006 caused about $211 million in damage. The catastrophes in the first quarter of 2007 on average cause about $179 million in damage."
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