NU Online News Service, July 29, 4:00 p.m. EDT
Fire officials expect to have control over two major wildfires burning in California by the end of this week, but neither incident should amount to catastrophe claims, an insurance association representative said.
According to Jersey City, N.J.-based Insurance Services Office Inc., a catastrophe is defined as an event that causes $25 million or more in insured property losses and affects a significant number of property and casualty policyholders and insurers.
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