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PCS 2013 Year in Review: 5 Key Insights

Last year could have looked a lot different. Although catastrophe frequency in the United States was slightly above average, insured losses from those events fell just shy of $13 billion, putting the total well below the ten-year average of $20.6 billion. Download “2013 Year in Review: Close Call” now for a full look at 2013 catastrophe activity in the United States and Canada.

Key findings in the new PCS report include:

  1. Catastrophe frequency: PCS designated 29 catastrophe events in the United States in 2013, making it the fifth most active year since 1950.
  2. Lack of severity: Last year’s catastrophes resulted in $12.8 billion in insured losses from 1.8 million claims, resulting in the lowest insured loss total since 2007.
  3. No landfalls: Thirteen named tropical storms formed in the Atlantic basin, but none made landfall. Storm formation was slightly above average for the past 30 years, demonstrating that weather activity doesn’t necessarily correspond to catastrophe losses.
  4. Florida to Oklahoma: Given the absence of tropical storms that made landfall, PCS did not name Florida in any catastrophe events. Because of the frequency of thunderstorms, Oklahoma was most affected by catastrophes, sustaining $2 billion in insured losses.
  5. Busy in Canada: PCS designated six catastrophe events in Canada last year, resulting in $3 billion in insured losses across 92,300 claims. That represents a year-over-year increase of 170 percent.

Ted Gregory

Ted Gregory is manager, Property Claim Services (PCS). PCS is a Verisk Analytics (Nasdaq:VRSK) business.

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