What are the likely effects of this year’s natural catastrophes? The Weather Channel asked that very question of Gary Kerney, assistant vice president of Verisk’s Property Claim Services (PCS) unit. Watch the video to learn more about how Tropical Storm Debby, the Colorado wildfires, and other catastrophic events will affect the insurance industry — and [...]
tornado
In 2011 — for the first time in many years — the cumulative insured catastrophe losses from wind and thunderstorm events (including tornadoes) surpassed the cumulative catastrophe losses from hurricanes, according to PCS estimates. (PCS data goes back to 1950 and includes insured losses from events meeting the PCS definition of a catastrophe at the [...]
2011 is shaping up to be a year that contradicts historical patterns. Since 1950, when ISO’s Property Claim Services (PCS) began to keep records on catastrophes, 88 hurricanes have met the organization’s definition of a catastrophe, and those storms have cost insurers more than $136.5 billion.[1] During the same period — 1950 to 2010 — 1,251 [...]
