Insurers are expected to pay $580 million to homeowners and businesses for insured-property losses from three catastrophe events in the first quarter this year—the lowest first-quarter loss in more than a decade—according to preliminary estimates by Insurance Services Office, Inc.’s (ISO) Property Claim Services (PCS) unit. The previous low first quarter was $705 million for 2001.
Three events in 13 states generated slightly more than 240,000 claims—double the number of claims from three events in the same quarter last year—from one of the mildest winters on record. Snowfall across the U.S. was below normal, especially in the eastern part of the country.
The costliest catastrophe in the quarter was the January winter storm that caused $265 million in insured-property damage in seven states, from Oklahoma to Ohio. PCS is reviewing the estimate because insurers are still receiving more claims from policyholders.
In March, two catastrophe events, primarily in the midsection of the country, caused $315 million in insured damages.
Texas, with $105 million, had the greatest insured loss followed by Kansas ($90 million), Missouri ($70 million), New York ($60 million) and Ohio ($50 million).
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
