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Catastrophe claims and losses Q2 2013

Here are second-quarter 2013 catastrophe claims and losses as reported by Verisk’s Property Claim Services® (PCS®). With 14 declared catastrophes and estimated losses totaling more than $6 million, insurers fared much better in the second quarter of 2013 compared with 2012 and 2011 — when insurers incurred losses of $11 billion and $22 billion, respectively. Over the past ten years, the number of claims reported for second-quarter catastrophes ranks only seventh, but the estimated insured property loss (reported to date) ranks this quarter fourth in insured loss.

Two storm systems that affected multiple states spawned hail, wind, flooding, and other weather events. Insured losses resulted in claims exceeding $1 billion for each storm system. Of the 14 declared catastrophes in the second quarter, 12 included losses caused by hail. The remaining two catastrophes were the Black Forest fire in Colorado and the explosion at the West Fertilizer Company in West, Texas.

catastrophe insurance claims and losses Q2 2013
Figures reflect estimates as of August 12, 2013. Final figures are subject to PCS resurveys.
The catastrophes reported reflect the PCS definition of a catastrophe as an event causing $25 million or more of insured property damage and affecting a significant number of policyholders and insurers.
*These estimates don’t yet include insured losses for the explosion in West, Texas.

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