U.S. property-casualty catastrophe losses for the second quarter nearly doubled in both frequency and insured property damage compared to the first quarter, according to an estimate by Property Claim Services.
PCS, a unit of Jersey City, N.J.-based Insurance Services Office, said that it estimates just over $6 billion in property losses from 1,223,500 claims for the quarter. The claims averaged $5,000 each and stemmed from 16 catastrophes in 27 states, PCS said.
The costliest event, which was caused by the effects of severe weather over seven states from Colorado and Wyoming to Minnesota, occurred in May. PCS estimated insured property damage at $850 million for that event, and Gary Kerney, PCS assistant vice president, added that 135,000 claims were filed.
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