News - Record hurricane losses predicted
Posted by rickj on May 21st, 2008
A recent spate of storms in the south-eastern US could leave insurers facing their biggest ever hurricane damages bill, an industry body has said.
Insured losses could reach $21.7bn (12bn), according to the Insurance Adult finance gambling insurance internet pharmacy
Institute, breaking the record set by Hurricane Andrew in 1992.
The insurance industry had to pay out $15.5bn, or $20bn in current values, to repair the damage caused by Andrew.
The Caribbean and southern US have been hit by four storms since mid-August.
The most recent, Hurricane Jeanne, killed six people and left up to two million without electricity when it swept through Florida at the weekend.
Quadruple whammy
Between them, the four hurricanes have killed dozens and forced millions more to evacuate their homes across the Caribbean and three southern US states over the last six weeks.
While none of them has been as severe as Hurricane Andrew, their arrival in quick succession has inflicted heavy yahoo finance insurance auto sbc
damage across the region.
Meteorologists say the 2004 hurricane season has been among the most case est finance finance hill in in insurance irwin mcgraw real series
of the past 100 years.
The cost of repairing the damage caused by Andrew triggered the finance and insurance manager
of 12 home insurance companies in the US.
It also pushed many of the syndicates that make up the Lloyd’s of London insurance market close to financial collapse.
The insurance industry has since reduced its exposure to hurricane damage, with government-backed bodies increasingly underwriting losses in the most card estate estate finance hill in insurance irwin mcgraw powerweb principle real real series
regions.
Analysts say that a repeat of the financial crisis that hit the industry in the wake of Hurricane Andrew is unlikely.