It Figures
$2.175 Billion
U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $2.175 billion for second-quarter property losses resulting from six catastrophes in 25 states — tying the record for the second-lowest number of catastrophes in a second quarter in the past 10 years, according to preliminary analysis by ISO’s Property Claim Services (PCS) unit. PCS estimates the six catastrophes of second-quarter 2007 generated 504,000 claims. Year to date, the estimated number of claims is 709,000. At $435 million, Texas topped the list of the five most severely affected states, followed by Minnesota at $322 million, Kansas at $210 million, New Jersey at $160 million, and New York at $130 million.
$16.7 Billion
The post-tax net income of the U.S. property/casualty industry for the first quarter 2007. According to a special report by A.M. Best Co., the industry had an underwriting gain of $8 billion and net investment income of nearly $14 billion in the first quarter. The U.S. P/C industry recorded a combined ratio of 92.4 in first quarter 2007, compared with 91.5 in the same period of 2006.
$100 Million
The cost of a proposed National Hurricane Museum and Science Center planned for southwest Louisiana. Hurricane Audrey, which struck Cameron Parish 50 years ago, along Andrew, Katrina and Rita, looms large in the plans for the museum. Cameron Parish in southwest Louisiana bore the brunt of both Audrey and Rita. Audrey hit in June 1957, killing at least 390 people and possibly as many as 600. The hurricane center planners envision sections of the museum dedicated to high-profile storms, explanations of how hurricanes form and evolve, and interactive exhibits letting visitors test the physics behind wind action, water movement and erosion. The project has so far received about $1.7 million in federal seed money.
$2,500
The Texas Department of Insurance now can reimburse small, non-public employers for up to $2,500 in expenses for special equipment, furniture and other workplace modifications that allow an injured employee to return to work. Employers with two to 50 employees are eligible to participate.