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“Bad weather has cost U.S. property insurers more than $5 billion so
far in second-quarter catastrophe-related claims — equal to about
three-quarters of all catastrophe claims during 2007 — and could
push the industry to an underwriting loss.”
“The Insurance Services Office defines a catastrophe as an event that causes
more than $25 million in insured losses and causes a major disruption.”
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The Wall Street Journal
June 30, 2008
Property Insurers Confront Rising Catastrophe Losses
By LAVONNE KUYKENDALL
Bad weather has cost U.S. property insurers more than $5 billion so
far in second-quarter catastrophe-related claims — equal to about
three-quarters of all catastrophe claims during 2007 — and could
push the industry to an underwriting loss.