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PCS Breaks Down 2007 Catastrophe Losses

U.S.P&C insurers received another reprieve from Mother Nature in 2007.

By Eric Gilkey | Updated on March 04, 2008

U.S. property/casualty insurers received another reprieve from Mother Nature in 2007, according to catastrophe loss figures recently released by the Insurance Services Office’s Property Claim Services Unit.

Final figures for 2007 indicate that there were just 23 catastrophes — an event costing $25 million or more in insured property losses — which PCS says is the seventh lowest frequency in the last 10 years. In terms of dollar figures, those 23 catastrophes amounted to $6.5 billion in losses, the eighth lowest amount of losses in the last decade.

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