The six-month period ended 30 June 2004 is also the second lowest in the decade for the number of catastrophic events - 11.
For the second quarter of the year, insurers are expected to pay homeowners and businesses an estimated $1.65 billion in losses from six catastrophes affecting 23 states. PCS believes that these six catastrophes, all severe weather, including high winds, hail, tornadoes, heavy rain and flooding, will generate nearly 495,000 claims, of which more than 270,000 are from homeowners.
This compares with insured losses of $5.1 billion in second quarter 2003 and $2.8 billion in second quarter 2002. The second quarter of 2001 had a record $6.2 billion in insured damage.
At $295 million, Colorado topped the list of the most severely affected states, followed by Texas at $280 million, Oklahoma at $140 million, Missouri at $115 million and Illinois at $110 million.
