 | INSURANCE COMPANIES PAYING TWO MILLION CLAIMS
FROM FOUR FLORIDA HURRICANESRecord Number of Claims Is More than Three Times Hurricane Andrew’s Total
Insurance Adjusters Covering Area of 30,000 Square Miles in Florida
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NEW YORK, Oct. 5, 2004 – Insurance companies are paying a record two million plus claims to customers whose property was damaged or destroyed by the four Florida hurricanes; triple the 700,000 claims from Hurricane Andrew in 1992, according to the Insurance Information Institute.
More than one out of every five Florida homes has been damaged by a hurricane so far this year, the I.I.I. said.
An estimated 15,000 insurance company claims adjusters from across the United States and Canada are covering 30,000 square miles in Florida assessing damage and handling claims.
“The number of claims insurance companies are paying is equivalent to the entire population of the Tampa-St. Petersburg metropolitan area,” said William E. Bailey, director of the Hurricane Insurance Information Center in Punta Gorda, FL.
The I.I.I. estimates that insurance claims payments from the four storms combined will total from $22 billion to $23 billion, surpassing the $15.5 billion record set by Hurricane Andrew in 1992. Insured losses from Hurricane Andrew total $20 billion in today’s dollars.
Bailey pointed out that the historic challenges created by the multiple hurricanes understandably will strain resources and cause some delays that would not normally occur.
“The industry is working hard in the face of the same obstacles faced by the people of Florida -- lack of power, phone service and access to properties in some severely damaged areas -- to get claims dollars in the hands of our customers and get the rebuilding process underway as soon as possible,” Bailey said.
Consumers can get a copy of the I.I.I.’s brochure, Settling an Insurance Claim After a Disaster, by accessing I.I.I.'s web site at www.insurance.info or the Hurricane Insurance Information Center web site www.disasterinformation.org. |
