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Hurricane Andrew

BUSINESS
By New York Times News Service | September 10, 1992
Florida's insurance commissioner took the unusual action yesterday of freezing the rates and premiums charged by one of the nation's largest insurance companies, the American International Group.The commissioner also warned other property casualty insurers operating in the state that regulators would reject any unjustified rate increases sought in the wake of the devastation caused by Hurricane Andrew.The commissioner's action against AIG came as a result of the publication of an internal company memo that described Hurricane Andrew as "an opportunity to get price increases now."
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BUSINESS
By New York Times News Service | September 5, 1992
The Allstate Insurance Co. said yesterday that it expected to face $1.2 billion in damage claims from Hurricane Andrew, a surprisingly high figure that is more than four times what the company paid out for Hurricane Hugo in 1989.An official insurance industry organization that specializes in estimating the costs of disasters has placed the total insured losses in Florida and Louisiana at about $8 billion, or nearly twice what Hurricane Hugo cost.Allstate said that after its reinsurers paid about $200 million of the loss and its after-tax write-offs were considered, it would have to pay out about $700 million because of Hurricane Andrew.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Insurance Information Institute Staff Writer | March 16, 1993
The insurance industry could be looking at up to $800 million in claims because of the winter storm that buried much of the eastern United States this past weekend. But officials at local insurers said it's too soon to know how much the damage will add up to.Both USF&G Corp., the state's largest insurer, and Baltimore-based Maryland Casualty Corp. said local agents in areas affected by the storm have not yet called for catastrophe teams of claims adjusters, who race to the scene when disasters overwhelm the companies' local networks.
BUSINESS
By New York Times News Service | January 15, 1993
Allstate Insurance Co. announced yesterday that it would stop selling homeowner insurance to most new customers in Florida and that it was studying cutbacks in coverage in coastal sections of New York.The move is a further sign that the insurance industry, after suffering more than $16 billion in losses from Hurricane Andrew, is cutting back on property coverage along America's most storm-prone coasts. Previously, cutbacks were announced by State Farm and other insurers in Florida and by Travelers Corp.
NEWS
By Greg Tasker and Greg Tasker,Staff Writer | September 23, 1992
County workers have launched "Reach Out and Build," a charitable effort to collect building materials for victims ravaged by Hurricane Andrew in Iberia Parish, Louisiana."
NEWS
By Knight-Ridder News Service | January 16, 1994
MIAMI -- Federal regulators imposed dramatically tougher safety requirements Friday on mobile homes sold in hurricane-vulnerable states, ending months of debate set off by the devastation of Hurricane Andrew.The move largely ignored manufacturers' protests that the new rules would make mobile homes too expensive for the families who need them most.The Manufactured Housing Institute, a manufacturers' lobbying organization, had estimated in June that the proposed rules would raise the average price of a mobile home by as much as 35 percent, from $27,300 to $36,855.
NEWS
By New York Times News Service | October 25, 1992
The cost of insurance for homes and automobiles is expecte to rise 10 percent or more in some states, and perhaps become harder to obtain, as a result of the staggeringly high losses to insurers from Hurricane Andrew and other recent disasters.The losses this year, estimated at more than $10 billion, come after a number of difficult years for the property-casualty industry.And they come while lower interest rates are reducing the return on insurance companies' investments. Consequently many companies will experience cash shortages in the next 12 months and will be under pressure to raise rates, analysts and industry executives say.Nonetheless, consumer advocates say many insurance companies are far healthier than they would have the public believe and are trying to use the catastrophes as an excuse to gouge the public.
NEWS
October 5, 1992
In the "I can't believe it's here already" department: today is the deadline to register to vote in the Nov. 3 general election. You needn't decide today who you're going to place your faith and hope in, but if you want a voting voice and you're not registered, you must get your application in by 9 p.m. tonight, or mail it today so it will be delivered by 4 p.m. tomorrow.According to the Board of Elections, all county libraries will have registrars in attendance until closing time today to help voters register.
NEWS
By Sherry Joe and Sherry Joe,Staff Writer | November 30, 1992
Nothing could have prepared Kathy Landau for th devastation of Hurricane Andrew last summer, or for how it would consume the next few months of her life.The 36-year-old Elkridge resident arrived in Miami Beach to visit her grandfather soon after the storm hit. Before she knew it, she had become co-editor of Recovery Times, a weekly newspaper published for hurricane victims by the Federal Emergency Management Agency (FEMA).The four-page publication, printed in English, Spanish and Creole, provides telephone numbers and information on housing, transportation, business loans, meals and clothing.
BUSINESS
By Insurance Information InstituteJournal of Commerce | September 2, 1992
Insurance and reinsurance companies in the United States and elsewhere expect to pay record sums that could exceed $8 billion for damage wrought by Hurricane Andrew.dTC Property and casualty insurers will pay an estimated $7.3 billioin claims to hurricane victims in Florida alone, trade industry officials told a conference in Miami, yesterday, citing figures from the Property Claim Service unit of American Insurance Services Group, in New York.The estimate does not include insured losses from Hurricane Andrew in Louisiana or other areas affected.
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