Category: 
November 15, 2007
According to the ISO’s Property Claim Services (PCS) unit, property and casualty insurance companies were expected to pay homeowners and business owners an estimated $1.125 billion for third-quarter property losses.
Catastrophic Events In 11 StatesThird-quarter catastrophes struck 11 states across the Midwest from Colorado to Pennsylvania. Minnesota and Illinois were affected by three of the six catastrophic events and suffered the greatest insured property damage from the storms. Some 260,000 Property Damage ClaimsPCS estimates the six catastrophes generated 260,000 claims. Year to date, catastrophes have caused approximately $4.7 billion in insured property damage resulting from an estimated 997,000 claims nationwide. |
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Claims Breakdown
- 18% involved loss of vehicles.
- 20% involved commercial businesses.
- 62% involved other personal lines insurance claims (homeowners, renters, etc.).
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