ISO: second quarter U.S. cat losses lowest in 10 years.Insured property losses from catastrophes in the second quarter were the lowest in 10 years, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. preliminary estimates by the Insurance Services Office's Property Claims Services unit. ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. said U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $920 million for second-quarter losses, stemming from four catastrophes in 25 states. In comparison, second-quarter catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). losses in 2004 were $2.3 billion, and catastrophe losses were $5.1 billion in the second quarter of 2003, ISO said. The worst second-quarter catastrophe losses were $6.2 billion in 2001. "It was one of the most benign benign /be·nign/ (be-nin´) not malignant; not recurrent; favorable for recovery. be·nign adj. Of no danger to health, especially relating to a tumorous growth; not malignant. quarters as far as catastrophe losses," said Dave Dasgupta, ISO spokesman. He said this was good news for the property/casualty insurance industry. The second-quarter 2005's four catastrophes generated almost 311,400 claims, nearly half from homeowners, ISO said. High winds, hail, tornadoes, flooding and other severe weather caused most of the insured damage, with the costliest event a severe thunderstorm thunderstorm, violent, local atmospheric disturbance accompanied by lightning, thunder, and heavy rain, often by strong gusts of wind, and sometimes by hail. in early May that affected 14 states and caused $305 million in insured property damage. Texas was the most severely affected state, with $315 million in overall catastrophe losses for the second quarter, followed by Nebraska Nebraska (nəbrăs`kə), Great Plains state of the central United States. It is bordered by Iowa and Missouri, across the Missouri R. (E), Kansas (S), Colorado (SW), Wyoming (NW), and South Dakota (N). , with $105 million; Kansas Kansas, state, United States Kansas (kăn`zəs), midwestern state occupying the center of the coterminous United States. It is bordered by Missouri (E), Oklahoma (S), Colorado (W), and Nebraska (N). , with $85 million; Oklahoma, with $65 million; and Colorado, with $45 million. The first half of 2005 produced a total of $3.05 billion in insured property losses from 12 catastrophes in 37 states, ISO said. Spring Catastrophes Over the past decade insurers have experienced uneven storm losses in the second quarter. Year Loss ($) Frequency 1996 $1.7 billion 12 1997 $980 million 9 1998 $4.5 billion 16 1999 $3.5 billion 13 2000 $1.5 billion 10 2001 $6.2 billion 9 2002 $2.8 billion 10 2003 $5.1 billion 4 2004 $2.3 billion 6 2005 $920 million 4 Source: Insurance Services Office. 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 property/casualty policyholders and insurers. |
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