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First-Quarter Catastrophe Claims Hit Insurers Hard

Claims News Service, Apr. 30, 11:18 a.m. EST -- Early quarterly reports from insurers indicating heavy catastrophe losses have heralded ISO's statement on first-quarter catastrophe losses. The

By Eric Gilkey | Updated on April 30, 2008

Claims News Service, Apr. 30, 11:18 a.m. EST — Early quarterly reports from insurers indicating heavy catastrophe losses have heralded ISO’s statement on first-quarter catastrophe losses. The company’s PCS unit has confirmed that the first quarter of 2008 was the worst for catastrophe losses in almost 10 years.

PCS said that U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $3.35 billion for first-quarter property losses resulting from nine catastrophes. Both figures are the highest reported since before 1999. In all, more than 615,000 claims from 22 states were filed between January and the end of March.

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