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Catastrophes Down in 2007, But Costs Go Up

The Insurance Services Office and the Property Casualty Insurers Association of America recently released a report that analyzes the property/casualty industry's economic performance in the first

By Eric Gilkey | Updated on July 16, 2007

The Insurance Services Office and the Property Casualty Insurers Association of America recently released a report that analyzes the property/casualty industry’s economic performance in the first quarter of 2007.

Most interesting and pertinent for adjusters and claim managers is the fact that overall loss and loss adjustment expenses increased $1.1 billion (1.6 percent) to $70.4 billion in first three months of 2007, up from $69.3 billion in first-quarter 2006. Non-catastrophe loss and loss adjustment expenses rose $1.3 billion (1.9 percent) to $69.1 billion in first-quarter 2007, up from $67.8 billion in 2006′s first quarter.

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