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October 07, 1994|From Times Staff and Wire Reports

Quake Loss Estimate Rises 25% to $9 Billion: Property damage from the Jan. 17 Northridge temblor will cost insurers more than previously thought, the Property Claim Services industry group said. PCS said losses from paying claims are higher than anticipated because damages were more extensive than many homeowners had thought and because more repair costs exceeded policy deductibles. The group's previous loss estimate, released in August, put the figure at $7.2 billion; its original estimate had been $2.5 billion. PCS said about 350,000 claims have been filed so far, up from an original estimate of 230,000. Homeowners' losses represent 76% of all reported claims; commercial losses, 12%; auto claims, 9%, and boat claims, 3%.

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