Allstate provides significant loss storm
The Allstate Insurance Company said yesterday that he would be facing $ 1.2 billion in damages from Hurricane Andrew, a surprisingly high number of more than four times what the company paid for Hurricane Hugo in 1989.
An official of the organization Assekuranz, specializes in estimating the cost of catastrophes has assured all damage caused to Florida and Louisiana to approximately $ 8 billion, less than double what Hurricane Hugo costs.
Allstate said that its reinsurers paid $ 200 million loss after taxes and amortization of his were considered, it would have to pay more than $ 700 million, because Hurricane Andrew.
Allstate’s action parent company, Sears, Roebuck & Company, was adopted after 1125 $ $ 41375 yesterday.
Allstate Chairman and Chief Executive, Wayne Hedien, said he was uncertain for the loss of his business, compared with the rest of the sector, it was much higher than the losses resulting from Hurricane Hugo, but he suggested that estimates of Hurricane Andrew’s industrywide insured loss could be low. Provisional figures
The industry estimates $ 7.2 billion $ in Florida and Louisiana, 500 million have been this week by the Property Claims Service Division of the American Insurance Services Group, a nonprofit organization supported by insurance companies .
“My own view is that some of these estimates are too low,” said Hedien. “I think the industry average.”
Mr. Hedien said his company $ 1.2 billion estimated information has been admitted that in a period of 20 per cent of final figures. He also said that nearly $ 100 million would come of all loans in Louisiana.
The announcement Allstate insurance issues among analysts on losses from farm state, which have not yet announced its estimates and assumptions are different. State Farm said there were about 21 percent of home and automobile insurance market in Florida. Allstate said its market share in the state of Florida and 18% a little weaker than in areas of storm.
A spokesman for State Farm said it expected the company to publicize their losses next week. State Farm, a mutual, who is in possession of their policyholders, with nearly 18 billion dollars of capital, said there would be no difficulties, the payment of their claims. Allstate 8 billion dollars of capital, he said, would also not difficult to fulfil its obligations to policyholders.
A number of other companies have recently indicated their estimate of losses from the storm. USAA, another great writer lines of personal insurance in Florida, its estimate of gross losses of $ 150 million; travellers their losses of $ 70 million, American International Group announced a pretax loss of $ 75 million $ 100 million, USF & G, said its losses after taxes and reinsurance would be $ 40 million.
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