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U.S. Insurers Have Deepest Catastrophe Losses Since 2001

U.S. property and casualty insurance providers reported their worst six months of losses tied to catastrophes since the first half of 2001 as claims costs climbed to $23.9 billion.

The combined ratio of losses and expenses per premium dollar deteriorated to 110.5 percent, the lowest since 111.1 percent in the first half of 2001, ISO, a unit of Verisk Analytics Inc., said today in a statement. Second-quarter U.S. disasters caused $19.6 billion in insured losses, an increase of almost sixfold from $3.3 billion a year earlier, ISO said.