According to PCS’ latest catastrophe market report, appropriately entitled Continued calm, the firm has found that US catastrophe losses have been at their lowest level since 2010.
According to PCS second quarter catastrophe losses across the US amounted to only $6.5 billion for the quarter. The report found that while frequency was consistent with ten-year averages, insured losses fell 5 percent year-on-year.
PCS designated 20 US catastrophe events during the first six months of the year, totalling $9.5 billion in insured losses. Texas suffered the most with $1.8 billion of losses, followed by Illinois at $737 million and Pennsylvania at $677 million.
Personal losses accounted for 63 percent, or $6 billion, of first half activity the report found.