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Claims News Service, April 25, 3:53 p.m. EST- The Property Claim Services (PCS) unit of the Insurance Services Office (ISO) recently released a preliminary analysis of the 2007 first quarter catastrophe losses.

PCS considers a catastrophe to be any event that causes $25 million or more in insured losses. The 2007 first quarter catastrophe losses reached more than $1.2 billion, due mostly to severe tornadoes that ripped through Georgia and Alabama. According to ISO, the PCS reported that property and casualty insurers are expected to pay an estimated $1.22 billion to U.S. homeowners and businesses for seven catastrophe events that occurred in the first quarter.

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