$2.175 Billion to be paid by Insurers in Second-Quarter Catastrophe Claims

Recently the ISO Property Claim Services Unit estimated that U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $2.175 billion for second-quarter property losses resulting from a total of six catastrophes in 25 states. Texas is the state that was affected most by catastrophes with an estimated $435 million in claims.

ISO’s PCS unit defines a catastrophe as an event that causes $25 million or more in insured property losses and affects a significant number of policyholders and insurers.

PCS estimates represent anticipated insured loss on an industrywide basis arising from catastrophes. Estimates reflect the total insurance payment for personal and commercial property lines of insurance covering fixed property, personal property, vehicles, boats, related property items, business interruption, and additional living expenses. The estimates exclude loss adjustment expenses

At LearnInsurance.com we currently offer an Adjusters Licensing course for the state of Texas called the Texas Adjuster Property & Casualty Licensing Course for anyone interested in becoming a claims adjuster.