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One in Five Florida Homes Damaged by Hurricanes, Payouts to Eclipse Andrew

About one out of every five Florida homes has been damaged by a hurricane so far this year, according to the Insurance Information Institute. That...
September 21, 2004

About one out of every five Florida homes has been damaged by a hurricane so far this year, according to the Insurance Information Institute. That sobering statistic illustrates the impact of the one-two-three punch of three hurricanes hitting the Sunshine State in rapid succession. In addition, the I.I.I. is now estimating that the insurance industry likely will pay out more than the $15 billion in insurance claims which resulted from Hurricane Andrew in 1992 for this year's triple terrors, Charley, Frances and Ivan.

"Ivan, Charley and Frances together do not pose a solvency-threatening event to the industry," said Robert Hartwig, chief economist of the I.I.I. "However, the unprecedented challenges created by the multiple hurricanes understandably will strain resources and cause some delays that would not normally occur." He stressed that while the insurance industry has sufficient financial resources to pay the claims, the scope of the disasters will make the claims handling process more difficult.

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