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US insured losses in H1 exceeded $15B, Property Claim Services says

Continuing the trend of increased frequency in recent years, insured losses in the U.S. in the first half rose about 10% compared to the first half of 2016 and exceeded $15 billion, according to a report from Verisk Analytics' Property Claim Services.

With 29 catastrophe events, the number of events occurring in the first half was the most since 1980, with four events witnessing insured losses over $1 billion, while only three events caused less than $100 million in losses. The first-half total could increase further, as 14 events are still subject to a second survey, Property Claim Services wrote.

Catastrophe events affected 36 states in the first half, down from 39 in the first half of 2016. Texas was the most affected state, with 15 first-half events resulting in insured losses of about $3.4 billion. Colorado saw the second-most losses with about $1.6 billion, followed by Minnesota with about $1.1 billion.

Personal losses accounted for 65% of first-half activity, at around $10 billion, followed by auto losses at 20%, as a direct result of hail storms in Texas. Commercial losses accounted for 15% of the activity during the first half.

Canada saw catastrophe losses fall sharply year over year, with five events resulting in C$438 million in insured losses in the first half. In the first half of 2016, Canadian losses shot up due to the Fort McMurray wildfires.