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Member, Beacon International Group, Ltd.
JERSEY CITY, N.J.--Catastrophes caused an estimated $1.22 billion in insured property damage in the United States during the first three months of the year, the Insurance Services Office Inc.'s Property Claim Services unit reported Wednesday, down from the $1.48 billion registered in 2006.
PCS estimated that winter storms and other severe weather generated nearly 204,000 claims in 18 states during the period. The costliest catastrophe--which PCS defines as an event that causes at least $25 million in insured property damage and affects a significant number of policyholders and insurers--occurred in early March when tornadoes devastated parts of Alabama and Georgia, causing more than $450 million in insured property damage.
According to PCS, Georgia sustained the largest insured property losses at $285 million during the first quarter of this year. Alabama ranked second at $175 million, followed by Texas at $167 million, Missouri at $140 million and Florida at $100 million.