Insurance Service Office Analyzes Second Quarter

The Insurance Service Office or ISO, has issued a report on catastrophes for the Second Quarter of 2008. The ISO identifies a catastrophe as any event resulting in insured claims in excess of $25 million and affecting many insureds. For example, in 2007, the ISO concluded that the United States experienced 23 catastrophes for a total of $6.5 billion in claims. That amount includes 144,000 business or commercial claims.

For the Second Quarter of 2008, the U.S. was hit with 16 catastrophes for $6 billion in claims. Texas, Minnesota and Arkansas were the hardest hit according to the ISO. Second Quarter claims were double the amount in the First Quarter and almost exceed all of the claims made in 2007.

2008 is shaping up to be an expensive year for insurers.