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Claims Focus - P&C Losses - Severe storms edge US property & casualty Sfigures towards decade high.
(From Reinsurance)
US property and catastrophe losses for the second quarter of 2003 could hit an estimated $4.9bn, the second highest figure for the quarter since 1994, according to the Insurance Services Office (ISO).
The ISO's property claims unit estimates the bill will only be topped by the $6.2bn paid out in the second quarter of 2001. It brings the total for the first half of 2003 to $6.3bn - almost double the $3.4bn for the first half of 2002 but still down on the $6.9bn in losses in the first half of 2001.
Natural disasters were the cause of half of the claims. Between 2 and 11 May, severe storms and tornadoes caused widespread destruction across a wide range of US states, including Texas, Oklahoma, Missouri, Tennessee and North Carolina. Hardest hit was ...
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