US CATASTROPHE LOSSES IN FIRST HALF TOP 10-YEAR AVERAGE

Insured catastrophe losses in the US totalled $13.5bn during the first half of the year, exceeding the 10-year historical average of $11.6bn, as the number of catastrophic events rose to 27, topping the 10-year average of 21, according the Q2 2016 Catastrophe Review issued by Property Claim Services. PCS said that the loss figure could rise further owing to resurveys that are pending for seven of the disasters. The review showed that 39 states were effected by catastrophes during the first half of the year, up from 27 a year earlier. The hardest hit state was Texas, where the insurance industry incurred $7.6bn in losses from 14 events. After Texas, Nebraska posted losses of $550m from two events, followed by Missouri ($440m), Arkansas ($410m), Illinois ($360m), Virginia ($340m), Kansas ($290m), Indiana ($280m), Montana ($260m) and New York ($250m). PCS also reported that Canada saw C$4.7bn in catastrophe losses during the six months, with the Fort McMurray wildfires accounting for 98% of the total. The six-month loss figure for Canada already qualifies as its highest annual cat loss total since the inception of PCS Canada in 2010.