ISO: P/C Insurers Look at Major Losses for Q2

According to a report from ISO's Property Claims Service Unit (PCS), U.S. insurers selling property/casualty coverage to homes and businesses are looking at potential losses of $6 billion in Q2.

ISO's report notes that the P/C market is looking at claims topping $6 billion from more than a dozen catastrophes in 27 states in recent months. PCS estimates the 16 catastrophes of Q2 2008 generated 1,223,500 claims that averaged nearly $5,000 each.

ISO reported earlier that U.S. insurers this year had to deal with the fact that the U.S. had the most Q2 catastrophe activity in close to a decade. Among the disasters were wildfires, floods and tornados.