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Catastrophe Claims Bottom Out

Third-quarter insured catastrophe losses for 2007 reached their lowest levels in five years, due largely to relatively few large-scale events.

By Eric Gilkey | Updated on November 01, 2007

Third-quarter insured catastrophe losses for 2007 reached their lowest levels in five years, due largely to relatively few large-scale events.

According to a report issued by the Insurance Services Office’s Property Claim Services unit, U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $1.13 billion from a total of six catastrophes in 11 states. PCS defines a catastrophe as an event that causes at least $25 million in insured property losses.

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