April, May, and June 2008 are unlikely to be remembered fondly by U.S. insurers, as the three month span saw property losses estimated at over $6 billion.
The insured property damage in the second quarter almost doubled the losses incurred in the first, according to preliminary analysis by ISO's Property Claim Services (PCS) unit. Property/casualty insurers are expected to dish out roughly $6.025 billion for second-quarter property losses resulting from 16 catastrophes in 27 states — almost twice the number of catastrophes in the first quarter.
ISO's PCS unit defines a catastrophe as an event that causes $25 million or more in insured property losses and affects a significant number of policyholders and insurers.
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