US insured losses reach $1.2 billion
US insurers have been hit with a $US1.22 billion ($1.47 billion) insurance bill in the first quarter of 2007, according to an analysis by the Insurance Services Office (ISO).
Its Property Claim Services (PCS) unit estimates the seven main catastrophic events in the first three months of the year caused $1.22 billion in insured losses for homeowners and businesses.
Four winter storms and three severe weather events produced nearly 204,000 claims in 18 states from California to Florida. The losses were heaviest in Georgia at $US285 million ($344 million), Alabama at $US175 million ($211 million) and Texas at $US167 million ($202 million).
The most expensive event was in March, when tornadoes raked areas of Alabama and Georgia, costing insurers more than $US450 million ($542 million).
The 2007 first-quarter losses are $US260,000 ($314,000) down on the previous corresponding quarter.
Its Property Claim Services (PCS) unit estimates the seven main catastrophic events in the first three months of the year caused $1.22 billion in insured losses for homeowners and businesses.
Four winter storms and three severe weather events produced nearly 204,000 claims in 18 states from California to Florida. The losses were heaviest in Georgia at $US285 million ($344 million), Alabama at $US175 million ($211 million) and Texas at $US167 million ($202 million).
The most expensive event was in March, when tornadoes raked areas of Alabama and Georgia, costing insurers more than $US450 million ($542 million).
The 2007 first-quarter losses are $US260,000 ($314,000) down on the previous corresponding quarter.