Defraying The Economic Costs Of Disasters
The insurance industry plays a vital role in helping individuals and businesses prepare for and recover from the potentially devastating effects of a disaster such as a catastrophic hurricane or storm or wildfire.
Natural Catastrophe Losses In The United States, 2016
Catastrophes In The United States
Property Claim Services (PCS®), a Verisk Analytics® business, defines a catastrophe as an event that causes $25 million or more in insured property losses and affects a significant number of property/casualty (P/C) policyholders and insurers. PCS estimates represent anticipated insured losses from natural and man-made catastrophes on an industrywide basis, reflecting the total net insurance payment for personal and commercial property lines of insurance covering fixed property, vehicles, boats, related-property items, business interruption and additional living expenses. They exclude loss-adjustment expenses. P/C insurance industry catastrophes losses in the United States fell slightly to $15.2 billion in 2015 from $15.5 billion in 2014, according to PCS. The number of claims totaled 2.0 million compared with 2.1 million in 2014. The number of catastrophes rose to 39 from 31 in 2014, the highest number of catastrophes in the 10 years from 2006 to 2015. By early October 2016, 40 catastrophes had occurred, surpassing the total for all of 2015. Losses were $17 billion, higher than $15.2 for all of 2015. Losses from Hurricane Matthew are not included in the year-to-date figures. A wind and thunderstorm event from April 10 to 15 in Florida and Texas was the worst catastrophe so far in 2016, producing $3.0 billion in losses.
Top 10 Costliest Catastrophes, United States (1)
Estimated Insured Property Losses, U.S. Catastrophes, 2007-2016 (1)
Inflation-Adjusted U.S. Insured Catastrophe Losses By Cause Of Loss, 1996-2015 (1)