U.S. property and casualty insurers are expected to pay some $1.22 billion for catastrophic events during the first quarter, including severe tornadoes in several southern states, according to a company that tracks insurance data.
The ISO Property Claim Services unit said the total was down from $1.48 billion in the first quarter of 2006 and the lowest since $1.04 billion in the first quarter of 2004.
The group said insurance payments stemmed from seven catastrophic events that damaged homes and businesses in 18 states. The costliest were tornadoes that hit Alabama and Georgia in March, the ISO said.
The states with the largest insured property loss were Georgia, $285 million; Alabama, $175 million; Texas, $167 million; Missouri, $140 million; and Florida, $100 million.
The company defines a catastrophe as an event that causes $25 million or more in insured property losses and affects a larger number of policyholders and insurers.