Business Services Industry
First-quarter property/casualty cat losses put at $1.46 billion.(News)(Brief Article)
Business Insurance, April, 2003 by Bradford, Michael
Byline: Michael Bradford JERSEY CITY, N.J.-Insured property losses from U.S. catastrophes in the first quarter of 2003 are expected to reach $1.46 billion, according to the Property Claim Services unit of the Insurance Services Office Inc. The losses are more than double the $615 million in first-quarter catastrophe losses in 2002 and $680 million in the first quarter of 2001 but are well shy of record losses.
Jersey City, N.J.-based PCS estimates that businesses and homeowners will file more than 345,000 claims related to the five catastrophe losses in the first quarter of this year. The five events included three winter storms that caused $1.1 billion in insured property damage across 15 states. The other two catastrophes were windstorms that together...
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