Natural Disasters Pummel Property and Casualty Insurers
Property and casualty insurers are having a tough year. Natural disasters cost money, and guess who ultimately pays — the consumer.
Devastating drought, failing crops, Hurricane Irene’s rage, Texas wildfires, hundreds of tornadoes throughout the Midwest, Tropical Storm Lee and record-breaking rainfall are just a few of the year’s weather disasters that have pummeled property and casualty insurers.
The property and casualty industry report of a $3.4 billion loss for the second quarter of 2011 compared with an $8.95 billion profit during the same period of 2010 is proof of just how costly weather disasters can be. And it isn’t likely that the third quarter will bring much relief to an industry weary of events they can’t always anticipate and definitely can’t control.
Don’t like surprises?
Find out if your bank, credit union, and insurer are safe and financially strong.
