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Cat Losses Triple In Second Quarter

Insured catastrophe losses in the second quarter rose to an estimated $4.4 billion - three times the total of 2000, reported the Property Claims Service of the Insurance Services Office. It was the second worst second quarter in 10 years. There were nine catastrophic events in the quarter, two of which caused more than $1 billion in insured property damage. Tropical storm Allison was responsible for $1.2 billion while the thunderstorms that raged through 16 states from Texas to Pennsylvania added up to $1.7 billion. Brian McGuire, Senior Vice President of U.S. RE, pointed out that the losses from Allison were higher than would be expected from a storm of that magnitude because it hit some extremely high-value, insured property including the University of Houston Hospital.