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Cat Losses Down In First Half

Catastrophe losses in the first half of 2002 amounted to $2.58 billion of insured property damage compared with $6.95 billion in the first six months of 2001, according to the Property Claims Service of the Insurance Services Office, Inc. Last year's first half cat losses were second only to the first six months of 1993 when the Northridge quake struck the Los Angeles area.

This year's second quarter losses of $1.97 billion were caused by Arizona wild fires plus storm damage from hail, tornadoes, wind, and flooding. A weather system that wreaked havoc in 17 states from April 27 to May 3 caused some $855 million of the insured property damage.